Abstract: Pulmonary fibrosis is a serious respiratory disease that severely threatens human health. The multi-target regulatory effects of traditional Chinese medicine (TCM) formulas give them an advantage in treating pulmonary fibrosis, a disease with a complex pathogenesis. Based on the characteristics of pulmonary fibrosis pathogenesis, our team developed the Renshen Pingfei Formula, derived from an ancient prescription, to treat patients with qi and yin deficiency, lung heat, and phlegm and stasis. We have conducted long-term research on the mechanisms of its therapeutic effects on pulmonary fibrosis, finding that this formula can exert its effects by inhibiting fibroblast proliferation and mesenchymal transformation, extracellular matrix deposition, oxidative stress, and autophagy. This article reviews the research progress on the anti-pulmonary fibrosis effects of Renshen Pingfei Formula from both clinical application and pharmacodynamic and mechanistic studies. Furthermore, based on the concepts of transfer and traceability, uniqueness, effectiveness, measurability, and the complex formula environment in the concept of quality markers (Q-Markers) for Chinese medicine, we predict and analyze the Q-Markers of Renshen Pingfei Formula. This provides a basis for further in-depth research on the anti-pulmonary fibrosis mechanisms of Renshen Pingfei Formula and its clinical application, and offers scientific reference for establishing a quality control system and a full-process quality traceability system for Renshen Pingfei Formula compound preparations.