(LRM), endemic to Northwest China, is known as hei goji or black goji and is renowned for its rich bioactive compounds. This review analyzes LRM's geographic distribution and traceability and highlights challenges and future developments in geographical traceability. The work also focuses on LRM's bioactive constituents, especially on anthocyanins and polysaccharides, demonstrating a clear clue for understanding their updated extraction methods, identification, and diverse bioactive activities, including antioxidation, anti-inflammation, and immunomodulation, which is beneficial to developing novel functional foods and new medical materials. Moreover, the paper elucidates advances in the potential application of LRM in food preservation, packaging, and other domains. Notably, we figure out gaps in LRM research, such as traceability technology and the proven efficacy of biological activities. This study provides a foundation for future perspectives on developing nutraceuticals and functional foods, disease treatment supplements, and green food packaging materials by bridging these gaps.