Abstract: Coriolus versicolor is a kind of wood-rotting fungi which have high medicinal value. The polysaccharide of C. versicolor can improve human immunity, protect liver and prevent cancers. Here, we have reviewed research advances relating to the classification, morphological characteristics, geographic distribution, biological characteristics, artificial cultivation method, chemical constituents, pharmacological activity-of Coriolus versicolor in order to provide a source of reference for the further development.