Abstract: Antarctic krill are a group of perennial crustacean zooplankton that widespread in Antarctic Ocean, with a large amount of biological storage. Antarctic krill oil is rich in phospholipid n-3 polyunsaturated fatty acids, and has important physiological functions. This article summarizes the common extraction methods of Antarctic krill oil (solvent extraction, biological enzyme method, and critical fluid method) and physiological activities (reducing inflammation, protecting cardiovascular, protecting nerves and improving osteoporosis). In addition, the application potential of krill oil is discussed.