Abstract: Lycium barbarum L. is a valuable traditional medicine resource of the Chinese nation, known for its unique value as both a medicine and a food. In recent years, with the advancement of modern science and technology, the various effective substances and pharmacological effects of Lycium barbarum L. have been gradually revealed. Its functional substances are mainly classified as Lycium barbarum polysaccharide, flavonoids, alkaloids, pigments, vitamins and amino acids. These substances have been found to have medicinal values such as anti-tumor, blood sugar-lowering, anti-atherosclerosis, and anti-osteoporosis properties. Through a systematic review of domestic and international studies on the bioactive compounds and medicinal value of Lycium barbarum L. over the past decade, this review aims to reveal its pharmacological mechanisms and provide scientific basis for its development and utilization in the field of modern medicine.