Bile acids (BAs) are produced in the liver and are the final product of cholesterol catabolism, with a wide range of biological effects. This article reviews the research advances in the synthesis, transport, and metabolism of BAs and the role of BAs in regulating hepatocytes and immunity via enterohepatic circulation, as well as the current research on traditional Chinese medicine in the regulation of BAs, in order to further understand the mechanism of action of BAs in affecting intestinal flora and liver function, expand the knowledge of its regulatory mechanism, explore the mechanism of action of traditional Chinese medicine and related pathways in regulating BAs, and provide new ideas for the prevention and treatment of liver-related systemic diseases by regulating BAs.