Abstract: Pleurotus ostreatus is a common medicinal and edible fungus. The fruiting bodies of P. ostreatus contain various chemical composition such as polysaccharides, steroids, volatile oils and polyphenols, which have many pharmacological effects, such as anti-tumor, anti-inflammatory, anti-virus, immune regulation, anti-oxidation, hypoglycemia, hypolipidemia, liver protection, insecticide, bacteriostasis and so on. Additionally, there are certain curative effects noted in the treatment of femoral head necrosis and Alzheimer's disease. In this paper, the chemical composition, pharmacological activity of P. ostreatus are summarized, in order to provide reference basis for better research and development of P. ostreatus resources, and its application of medicine, health products, food and other related fields.