Lotus leaf (Heye), the dry foliage of Nelumbo nucifera Gaertn, has been valuable as a dietary herbal medicine for thousands of years. Phytochemical studies indicated that alkaloids and flavonoids are the main components of Heye. Polysaccharides, terpenes, and amino acids are also active ingredients. The drug properties of Heye are mild and bitter. Meridian tropism is mainly distributed in the liver, spleen, and stomach meridian. In the Traditional Chinese medicine (TCM) theoretical system, it is in many formulas for the therapy of various symptoms, including wasting-thirst induced by summer heat, diarrhea caused by summer heat-dampness and spleen deficiency, hematochezia, flooding and spotting, among others. Nowadays, the extracts and active components of Heye demonstrate multiple bioactivities, for instance anti-obesity, anti-inflammatory, anti-oxidant, cardiovascular protective, anticancer, hepatoprotective, hypoglycemic, antiviral, antimicrobial, as well as hemostatic activities. This review will provide an overview of Heye serving as a typical plant with functions of both medicine and food, including its practical applications in terms of TCM and healthy diet, phytochemistry, pharmacological activity, together with its toxicity. Besides, the new points and prospects of Heye in the overview are also outlined straightforwardly.