Cortex Lycii, the dried root bark of Lycium barbarum L. and Lycium chinense Mill. which belongs to Lycium, is a kind of traditional Chinese medicine with a long history of medicine and food and has high biological efficacy and medicinal value. It contains a variety of ingredients, including alkaloids, organic acids, glycosides, sterols, coumarins, anthraquinones, flavonoids, etc. Not only has a wealth of pharmacological activity, but also has the treatment of skin damage and beauty skin care effect. This article aimed at reviewing the recent literatures on its origin and distribution, the effective chemical constituents, pharmacological activity and mechanism, skin care effect and research status of Cortex Lycii so as to look forward to the application prospect of Cortex Lycii as a natural functional raw material in skin care and cosmetics industry.