Malinzi, the dried mature seed of Iris lactea Pall. var. chinensis (Fisch.) Koidz, is a traditional medicinal plant with considerable potential for development and utilization. Research has identified 31 compounds in Malinzi, including flavonoids, quinones, oligostilbenes, and other bioactive constituents. Contemporary pharmacological studies indicate that Malinzi exhibits notable anti-tumor, radiosensitizing, immunomodulatory, antioxidant, antifertility, and glucolipid metabolic effects. This paper reviews both domestic and international studies on Malinzi, summarizing its traditional applications, chemical composition, and pharmacological properties, aiming to provide a theoretical foundation for future in-depth research and practical use.