Abstract: Red yeast rice (RYR) well-known for lowering the blood cholesterol level is produced through the fermentation of ordinary rice using monascus species. The research of RYR mixed with other active substances or Chinese herbal according to the traditional Chinese medicine was expounded. The potential reasons why the effect of RYR for lowering blood cholesterol was better than the pure lovastatin were illuminated, which were related to the compound synergistic effect, the spatial structure of monacolin K and oral bioavailability. The research of RYR for lowering blood chelosterol in staitin-intolerant patients was introduced. The application of RYR in functional food and the safety problems of RYR were summarized. At last, the future development trend and the prospects of RYR were related.