Cardanol,the major components of cashew nut shell liquid,is a natural raw material phenol which has special structure of long-chain alkane.Cardanol and its hydrogenated product 3-pentadecylphenol have enormous market potential in development and application of high-grade industrial materials.They are widely used modified to phenolic resin,epoxy resin,polyamide resin,azobenzene resin with different methods.They are also application on synthesized for surfactant、porphyrins and molecular self-assembly.The structure and property of cardanol are described.Preparation methods of cardanol are elaborated.The present situation for cardanol and 3-pentadecylphenol are reviewed.Cardanol on the existing problems in research and development are analyzed and its development trends are forecasted.