Cordyceps is a precious medical fungi resource, with diverse metabolites and bioactive. There is huge prospect for its applicaiton in functional food and biomedicine fields. Cordyceps has abundant species resources, particularly Cordyceps sinensis is one of three most precious traditional Chinese restoratives in China. The essay summarizes the latest studies on bioactivity and mechanism of Cordyceps and its metabolites, and analyzes problems during R&D of the resources, in order to bring forth new ideas to future development.