This paper reviewed characteristics of inonotus obliquus, and progress in medical research regarding inonotus obliquus in Russia. To be specific, we summarized morphological characteristics, distribution, growing conditions, history of application, active ingredients, and mechanism of actions of inonotus obliquus in this review, and illustrated specific notes for its potential medicinal value and health benefits. Our manuscript has provided new insight for further research and application of inonotus obliquus in China.