Abstract: Gracilaria belonging to Rhodophyta, Florideae, Gigartinales and Gracilariaceae, is a kind of large economic seaweed.It is rich in seaweed polysaccharides, vitamin, protein and phosphorus, calcium, iodine, iron, zinc, magnesium and various minerals and many kinds of human body’s essential trace elements and active substances, therefore it has a very important health care function and nutritional value. It is widely used in many aspects.The extraction process and bioactivity of the two active substances polysaccharide and phycobiliprotein from Gracilaria were reviewed in this article, so made other researchers know more about Gracilaria and made further comprehensive development and use.