Oxytropis falcata is a perennial acaulescent herb of Oxytropis leguminosae. It is an impointan traditional tibetan medicinal material of high pharmaceutical value, which grows widely in Tibet. In recent years, there has been an extensive study of this plant. This article is to summarize the knowledge of Oxytropis flacanta; its chemical composition, pharmacological and clinical application, and recommendation for furthur research.