Lycium ruthenicum Murr. (LR) is a medicinal and edible plant in China, which has a variety of medicinal values and health benefits and is used as traditional medicine for a variety of conditions, including heart complaints, irregular menstruation, and menopause. Based on analysis over two decades of documented literature, a comprehensive up-to-date review has been compiled covering traditional and folk medicine uses, phytochemistry and pharmacology of LR, with a view to providing a scientific platform for its further development and utilization. Relevant data were obtained through systematic electronic searches into various scientific databases, including PubMed, Web of Science, Google Scholar, Science Direct, Wiley, Springer, as well as the ancient and modern literature. The chemical constituents of LR include anthocyanins, polysaccharides, flavonoids, procyanidins, phenolic acid, alkaloids and other important substances. So far, more than 90 compounds have been isolated from LR, among which the content of anthocyanins is highest and is the main component, leading to recognition of LR as "King of Anthocyanins" and "Blue Demon King". The content of anthocyanins in LR reaches up to 387.9 mg/100 g. Modern pharmacological research has revealed multiple activities of LR, including anti-oxidant, anti-aging, blood lipid-lowering, and glucose-lowering properties. The antioxidant activity of LR is currently the most studied and the most in-depth. Reports on the chemical components of LR have mostly focused on single species, and no systematic studies have been conducted to date, the material basis related to the traditional effects has not yet been clarified. Therefore, follow-up research should focus on the relationship between pharmacology and structural characteristics of the majority of ingredients of LR, and chemical ingredients closely related to traditional functions. Systematic research on the phytochemistry and pharmacology of LR is essential to provide a basis for further development and guide in its traditional use.