In China, several species (Hedysarum polybotrys Hand.-Mazz., Hedysarum limprichtii Hlbr., Hedysarum vicioider Turcz. var. Taipeicum Hand.-Mazz. Liu, Hedysarum smithianum, et al.) of genus Hedysarum have a long history of use in traditional Chinese medicine (TCM). In TCM, these plants are used to increase the energy of the body. To date, 155 compounds, including flavonoids, triterpenes, coumarins, lignanoids, nitrogen compounds, sterols, carbohydrates, fatty compounds, and benzofuran, have been isolated from plants of the genus Hedysarum. Various chemical constituents contribute to the antioxidant, anti-tumor, anti-aging, anti-diabetic, and anti-hypertensive properties of these plants. Hedysarum species are used to treat infestation with gastrointestinal nematodes and may support the immune system and peripheral nervous system. In the present review, we summarize the research on the phytochemistry and pharmacology of Hedysarum species, which will be useful for better utilization of these important species in TCM.