Abstract: Lycii fructus is one of the officially approved medicinal materials with homologous medicinal and food sources. With the effects of nourishing the essence and eyesight, nourishing the liver and kidneys and diverse health functions, Lycii fructus has strong market demand and broad application prospects. This article summarized and systematically analyzed the current research status of medicinal and edible homologous products of Lycii fructus from the aspect of type quantity, efficacy attribution and functional analysis, commonly used compatible medicinal materials, processing methods, and dosage form of Chinese patent drug, as well as the health functions and common dosage forms of registered health foods. Furthermore, prominent issues in the research and development were sorted and explored, and reactive development strategies for subsequent research were proposed to provide references for new product development, value realization, quality and performance improvement.