Gastrodia elata Blume (G. elata) has a rich history of traditional Asian use. However, there is still a need for systematic analysis regarding the relationship and in-depth development between its components and functions. Through comprehensive analysis utilizing databases such as PubMed, Web of Science, and Google Scholar, the practical components, biological activities, and product development of G. elata have been investigated. It has been found that the main active components of G. elata, such as Gastrodin and Gastrodia Polysaccharides, possess functionalities in improving conditions such as epilepsy, hypertension, and osteoporosis. These active components exhibit phenolic hydroxyl groups, molecular weight, conformation, and spatial arrangement, contributing to their enhanced ability to scavenge free radicals. Additionally, G. elata is known to have organic acids and esters, which exhibit potential immune regulatory and antiviral properties. Compounds with multiple acidic functional groups exhibit even more vigorous activity. Steroidal compounds like β-sitosterol, due to their presence of alcohol and ketone groups, along with a multi-ring structure, exhibit superior cholesterol-lowering activity. G. elata has already been recognized in the Traditional Chinese Medicine and Food Homology list, showcasing its potential for development in line with the health demands of the current era. However, challenges regarding quality evaluation, peculiar odor, and the extraction process of the practical components still require immediate attention. Constructing a robust evaluation system and optimizing product processing techniques will be crucial for the future advancement of the G. elata industry.