Physalis alkekengi L.var. franchetii (Mast.) Makino is a perennial herb of the Solanaceae family,which is rich in resources and widely used.Up to now,a total of 159 compounds have been isolated and identified from P. alkekengi var. franchetii,including steroids,flavonoids, phenylpropanoids,nitrogen-containing compounds and so on.With the aid of modern pharmacological studies,a wide range of pharmacological activities of P. alkekengi var. franchetii have been explored,such as anti-inflammatory,anti-bacterial,anti-oxidant and anti-tumor.Meanwhile,P. alkekengi var. franchetii also has significant therapeutic effects in terms of anti-diabetes,anti-aging,anti-obesity and regulating the balance of intestinal flora.Research progress on chemical constituents of P. alkekengi var. franchetii and their pharmacological effects are reviewed in this paper,which provides scientific support for the rational development and comprehensive utilization of P. alkekengi var. franchetii.