Diabetes, hyperlipidemia, and hyperuricemia have emerged as global chronic metabolic disorders posing significant public health challenges. Edible medicinal plants demonstrate multitarget regulatory effects and favorable safety profiles in the management of chronic metabolic diseases, owing to their bioactive compounds and nutritional synergy. Radix Astragali (RA), a traditional Chinese medicine with medicine–food homology, has a long history of application in China. Based on a review of relevant literature, this article discusses the historical background, modern research, therapeutic functions, and mechanisms of RA in the treatment of chronic metabolic diseases. Modern studies have shown that RA contains a variety of bioactive components and demonstrates efficacy in managing diabetes, hyperlipidemia, and hyperuricemia. Its mechanisms of action involve modulation of the insulin signaling pathway, regulation of lipid metabolism-related enzyme activity, promotion of uric acid excretion, and other processes. Notably, RA exhibits certain common therapeutic effects across hyperglycemia, hyperlipidemia, and hyperuricemia. Through modulation of the gut microbiota and inhibition of inflammatory pathways, RA exerts synergistic, multitarget effects that improve metabolic disorders associated with chronic metabolic diseases.