Oleanolic acid(OA) and ursolic acid(UA) are a pair of isomer. In recent years, both of them have been widely studied in the aspects of their anti-inflammation and anti-allergy both abroad and at home. It has been confirmed that OA and UA have an inhibitory effect on Ⅰ-Ⅳ type allergic reactions and various inflammations in experimental animal models. In this paper, the research progresses of oleanolic acid and ursolic acid in effects of anti-inflammatory and anti-allergic reaction as well as its mechanisms are reviewed.