Abstract: Abalone, which belongs to marine shellfish, is a kind of single-shelled mollusk. Abalone has high nutritional value, and they are considered a good source of protein, trace elements, minerals, lipids, and carbohydrates required by human beings. Bioactive substance from abalone has the pharmacological effects of anticancer, antioxidant, anti-inflammation, anti-coagulant, and regulating glucose and lipid metabolism. However, the research on the active substances contained in abalone is only at the theoretical stage, and their applications in medicinal and health food products are still not fully developed. As fresh abalone is not easy to store and transport, further processing, including drying and freezing, has become the main means to develop abalone-processed products and extend their shelf life. Different processing methods have different effects on the nutritional and active ingredients and muscle structure of abalone, which in turn affect the innovation and breakthrough of abalone processing technology. This article summarizes the nutritional value, functional activity, and mechanism of action of abalone, as well as the current processing status, with a view to providing a theoretical basis for in-depth research applications of abalone, and a comprehensive outlook on the innovative applications of abalone in the food industry.