Artemisia ordosica Krasch. (Asteraceae family), is a widely distributed medicinal plant in northwest China, known for its significant medicinal value. This paper summarizes the current knowledge on the chemical constituents and biological activities of A. ordosica. A total of 207 isolated compounds were classified into six major categories, including flavonoids, terpenoids, phenylpropanoids, organic acids, polysaccharides, and other chemical components. With these constituents, A. ordosica exhibited antioxidant, anti-inflammatory, antitumor, antibacterial, immunoregulation, and many other biological activities. A. ordosica has been promisingly applied in ecological environmental protection, as a feed additive, and in medicinal applications. However, as a traditional medicinal herb in Chinese and Mongolian medicine, the chemical composition, biological activity, and application areas of A. ordosica require comprehensive and in-depth research to establish a foundation for the resource development and optimal utilization.