Physalis pubescens is used as both food and medicine over 1 200 years. From the phytochemical view, the second metabolites such as flavonoids, sterols, phenylpropanoids, alkaloids, fatty acid and so on have been reported from this species. And this plant shows the activities of antitumor, antimicrobial, anti-oxidant, diuresis, immunosuppressive and so on in the recent studies. This paper reviews the researches on the chemical constituents and pharmacological activities of this plant in recent 30 years, by which the prospect of development and utilization of P. pubescens could be prospected. It provides the reference for the further rational development and comprehensive utilization of the resources of P. pubescens.