There is an increasing demand to develop health supplements using natural ingredients. Dandelion (<i>Taraxacum coreanum Nakai</i>) is a natural ingredient that contains various beneficial ingredients. In this study, we reviewed the literature regarding the functional ingredients and physiological activities of white dandelion (<i>Taraxacum coreanum Nakai</i>). A total of 721 manuscripts were collected from research databases using the following keywords: “white dandelion,” “functional ingredient,” “antioxidant,” “anti-inflammation,” “reactive oxygen species,” and “physiology.” The most relevant manuscripts were reviewed in this study. In Korea, white dandelion has been used in oriental medicine and folk remedies. In the current literature, it was reported that white dandelion contains carotenoids (e.g., taraxathin), triterpenes (e.g., taraxerol, taraxasterol, and β-sitsterol), caffeic acid, and taraxacin. It also reported to contain vitamin A, vitamin C, tocopherol, minerals (e.g., Ca, Fe, K), protein, fiber, and phosphate. The leaf contains bitter glycoside (i.e., taraxin) and polysaccharide (i.e., inulin). Flavonoids and polyphenols from white dandelion have been shown to reduce oxidative stress and neurodegenerative damage. Flavonoids, polyphenols, iuteolin, and quercetin in whole plant extracts and quercetin, luteolin, and chicoric acid in flower extracts increased antibacterial activity and ameliorated liver damage, anti-inflammatory activity, and oxidative stress. In addition, white dandelion contains taraxinic acid and dihydrotaraxinic acid, which have great potential to be used as skin whitening products. This results of this review provide novel scientific knowledge on white dandelion that can be used when developing new health supplements.