Abstract: Lasiosphaera seu Calvatia is a traditional Chinese medicine, which has been used in clinical practice for over two thousand years. In "Chinese Pharmacopoeia", it records that the dried fruit of Lasiosphaera seu Calvatia, including Lasiosphaera fenzlii Reich, Calvatia gigantea and Calvatia Lilacina. However, in various ancient books of Chinese medicine, only Calvatia Lilacina can be utilized as medicine. In this review paper, the application history, growth condition, chemical composition and pharmaceutical functions of Calvatia Lilacina were systematically reviewed and discussed. It was concluded that Calvatia Lilacina mainly used sporangium powder to promote wound healing. The major components of Calvatia Lilacina contain sterones, inorganic elements, volatile components and polysaccharides. Many studies reported that it can promote wound healing, prevent stress gastric ulcer and alcoholic liver injury together with antitumor ability. This paper provides a comprehensive review for further research, development and utilization of Calvatia Lilacina, leading to the research prospect of its application in wound healing under the guidance of TCM theory.