As a commonly used Chinese herbal medicine, <i>Ganoderma applanatum </i>(Pers.) Pat., also known as flat-ling <i>Ganoderma </i>(Chinese name bianlingzhi), old mother fungus (laomujun), and old ox liver (laoniugan), has high medicinal value. It is used as an anti-cancer drug in China and Japan. Besides, it can treat rheumatic tuberculosis and has the effect of relieving pain, clearing away heat, eliminating accumulation, stopping bleeding and eliminating phlegm. The purpose of this review is to analyze the research progress systematically and comprehensively in mycology, mycochemistry and pharmacological activities of <i>G. applanatum</i>, and discuss the prospect of prospective research and implementation of this medicinal material. A comprehensive literature search was performed on <i>G. applanatum</i> using scientific databases including Web of Science, PubMed, Google Scholar, CNKI, Elsevier. Collected data from different sources was comprehensively summarized for mycology, mycochemistry and pharmacology of <i>G. applanatum</i>. A total of 324 compounds were recorded, the main components of which were triterpenoids, meroterpenoids, steroids, and polysaccharides. <i>G. applanatum </i>and its active ingredients have a variety of pharmacological effects, including anti-tumor, liver protection, hypoglycemic, anti-fat, anti-oxidation, antibacterial and other activities. Although <i>G. applanatum </i>is widely used in traditional medicine and has diverse chemical constituents, more studies should be carried out in animals and humans to evaluate the cellular and molecular mechanisms involved in its biological activity.