Abstract: Crocus sativusL. is a bulbous flower that can be used for both medicine and food. Its dried stigma, a medicinal part contains active ingredients such as crocins, crocetin, safranal and picrocrocin, has antioxidant, anti-inflammatory and anti-tumor properties. Flavonoids, phenolic acids, polysaccharides, alkaloids and other functional ingredients can also be extracted from the stigma, tepals, leaves and bulbs, which indicates that both the medicinal and non-medicinal parts of saffron have great development and utilization value. The main functional components of saffron was reviewed in this paper. Besides, the extraction methods of functional components in relevant literatures were also summarized. The biological activities of the main functional components of saffron were explored, including the resistance to central nervous system diseases, cardiovascular diseases, and cancer. The series of saffron products were classified in terms of three aspects: health care products, cosmetics and medicines, and the research and development progress of the products was summarized, in order to provide a theoretical basis for the further comprehensive development and utilization of saffron resources.