Panax notoginseng is a well-known traditional Chinese medicine, and dried flower buds of P. notoginseng (FBP) have also been used as a medicine or tea for a long time. The pharmacological effects of FBP include antihypertensive, anticancer, hepatoprotective, and cardiovascular protective effects. The compounds in FBP include saponins, flavonoids, volatile oils, and polysaccharides. The total saponins are the principal bioactive components. In modern applications, FBP is used to treat hypertension and tinnitus. There have been many studies on FBP and its effects in recent years, and it has attracted much attention in the medical field. This review summarizes the chemical components, pharmacological action, and clinical uses of FBP comprehensively to provide the references of deeper studies.