Hawk tea, known for its distinctive camphor aroma and health benefits, is popular in regions such as Chongqing and Guizhou. However, current research on hawk tea is still in its early stages, primarily focusing on its chemical compositions and biological activity. A comprehensive review of the correlations between processing methods, characteristic chemical compounds, sensory properties, and health effects is lacking. There is also limited research on the changes in quality and aging mechanism during long-term storage. This paper systematically reviews the preparation process, bioactive compounds, aging characteristics and health benefits of hawk tea, discusses the current research gaps and challenges, and proposes potential research directions and future prospects to provide insights for the development of the hawk tea industry.