Pinostrobin (5-hydroxy-7-methoxyflavanone) is an active flavonoid substance. It is widely present in many traditional Chinese herbs, including Carya cathayensis leaves, Boesenbergia rotunda and propolis. Pinostrobin possesses many pharmacological activities without significant toxicity. In addition to anti-inflammatory and antioxidant effects, pinostrobin also exerts antitumor effects. Pinostrobin is able to protect against infection by several viruses, bacteria, fungi, and parasites. Pinostrobin reduces the expression of proprotein convertase subtilisin/kexin type 9 (PCSK9), which is a promising target of lipid-lowering drugs. It also reduces high uric acid levels while not affecting the normal uric acid levels. Furthermore, it has protective effects on the liver, kidney, bone, skin, reproductive system, stomach and nerves. Due to its multifunctional effects and safety, pinostrobin has advantages for development as a novel drug for clinical application. Based on this, this current article summarized the research progress on the pharmacological effects and mechanisms of pinostrobin, to provide a reference for further development.