Sparassis crispa is a culinary-medicinal mushroom that has recently become popular in Korea, China, Japan, Germany, and the USA. S. crispa is a good source of food and nutraceuticals, or dietary supplements, due to its rich flavor compounds and beta-glucan content. This review is a comprehensive summary of its distribution, growth, management, general constituents, functional ingredients, as well as its current and potential medicinal and other applications.