Strophariarugoso-annulata Farlow ex Murrillis one of the edible fungi recommended by the United Nations Food and Agriculture Organization (FAO) to be cultivated in developing countries. It is easy to cultivate, low cost and rich in active ingredients compared with other edible fungi. In this paper, the functional constituents, health functions, progress of processing and preservation technology of Strophariarugoso-annulata were summarized, future research direction of Strophariarugoso-annulata was ahead with the aim to provide a reference for the exploitation and utilization of this resource.