Dictyophora rubrovalvata, a valuable edible fungus in China, is rich in active components, such as polysaccharides, proteins, amino acids, and vitamins, exhibiting significant efficacy in antioxidant, anti-fatigue, antitumor, immunomodulatory, hepatoprotective, and anti-inflammatory activities. This paper systematically reviews recent research progress on the nutritional components, functional activities, and utilization status of D. rubrovalvata, both in China and other places, with an outlook on its future development directions and application prospects.