Abstract: Mallotus obongifolius is an evergreen shrub or small tree, which belongs to Euphorbiaceae and Mallotus. It is characterized with economical and medicinal values, such as clearing heat and detoxicating, antiphlogosis and cholagogic, greasy solution and aid digestion. Investigations were conducted on the morphological characteristics of Mallotus obongifolius, as well as its geographical and ecological distribution. The research work was systematically summarized, including analysis of the functional components of Mallotus obongifolius, toxicity test, pharmacological action and clinical application, molecular genetics and development process. Then, the authors put forward the necessity to clarify the flowering and fruiting stage, and to study the forming mechanism of leaf color and aroma components. Finally, the authors made an outlook on the pharmacological research of polyphenols in Mallotus obongifolius and the fully exploration of its various medicinal effects recorded in ancient traditional Chinese medicine books.