Paecilomyces　hepiali　is　a　fungus　with　edible　and　pharmaceutic　value,　isolated　from　Ophiocordyceps　sinensis.　Its　main　bioactive　constituents　contain　alkaloids,　cyclic　dipeptides,　steroids,　organic　acids,　and　polysaccharides.　Due　to　the　huge　development　potential　of　P.　hepiali　in　the　field　of　food　and　medicine,　it　has　been　developed　into　a　variety　of　products　that　cater　to　the　needs　of　the　public.　In　this　paper,　the　chemical　constituents　and　their　pharmacological　effects　of　P.　hepiali　are　reviewed,　which　can　provide　reference　for　the　development　and　application　of　P.　hepiali.　(C)　2021　Beijing　Academy　of　Food　Sciences.　Production　and　hosting　by　Elsevier　B.V.　on　behalf　of　KeAi　Communications　Co.,　Ltd.