Abstract: Eurotium cristatum which produces golden particles, is the dominant fungus playing a key role in the “flowering” process and in the quality of Fu-brick tea. It can produce a variety of active enzymes and active metabolites, which have multiple biological effects, such as improving the quality of tea, antibacterial, hypoglycemic, regulating intestinal flora, antioxidant and other effects. As an important resource microorganism, Eurotium cristatum has been widely used. In this paper, the basic biological characteristics, rich enzyme system, diverse active metabolites, safety of Eurotium cristatum, as well as the changes of substances and biological activities in the processing of tea, beans, cereals, and Chinese herbs by Eurotium cristatum fermentation are reviewed. The existing problems and future research directions are analyzed and prospected, in order to provide reference for its in-depth research and development.