Analysis of the constituents of the chloroform extract of Oxytropis falcata Bunge (CEOF), a traditional Tibetan medicine, in rat's serum after oral administration, has been performed by HPLC-MS. We have identified 10 compounds in CEOF and 11 bioactive ingredients from rat's serum after given CEOF. Six bioactive ingredients from rat's serum are matched with original form of the compounds of CEOF. Other five bioactive ingredients were seemed to be respectively metabolites. HPLC-MS is rapid, sensitive method and suitable for identification of bioactive components absorbed into blood of CEOF providing information for further research of pharmacological mechanism.