Dendrobium huoshanense is located at the head of“nine great fairy grass”, and its clinical effect is remarkable. It is included in the 2020 edition of Chinese Pharmacopoeia. Its main components are polysaccharides, alkaloids, amino acids and other compounds, with immune regulation, anti-tumor, anti-oxidation and other functions. In this paper, the chemical constituents and pharmacological activities of Dendrobium huoshanense are reviewed, which provides a reference for the further research, development and utilization of Dendrobium huoshanense.