The genus Trollius includes perennial herbaceous plants from the Ranunculaceae family, which holds a prominent place in the realms of food and medicine. This article presents a thorough review of the chemical components isolated and identified from the genus Trollius plants, such as flavonoids, organic acids, volatile oils, and alkaloids, among others. The pharmacological effects of the genus Trollius are also addressed, including its anti-inflammatory, anti-viral, anti-oxidant, and anti-tumor properties. Furthermore, this article collates the medicinal and food application status and prospects of the genus Trollius plants. Clinically, the genus Trollius can be used in Chinese patent medications for ailments such as upper respiratory tract infections, pharyngitis, and tonsillitis. Regarding food, the flowers of the genus Trollius can be fashioned into tea which yields benefits like heat-clearing, detoxifying, yin-nourishing, and internal heat-reducing. Flower extracts can also be natural food additives. Additionally, the genus Trollius plants show potential and promise in the cigarette flavoring and cosmetics industries.