As an economic fruit which is homology of medicine and food, Lycium barbarum is rich in polysaccharides, carotenoids, flavonoids, betaine, taurine and other functional components. It also serves many functions such as enhancing immune regulation, anti-aging, preventing cancer and tumor growth, reducing blood glucose and lipid level, etc. And the demand of Lycium barbarum related products is increasing. The growth character of Lycium barbarum belongs to infinite inflorescence, and the ripening period of fruit is longer from June to October. However, Lycium barbarum fruit softens rapidly in the later stage of ripening, which leads to vulnerable to mechanical damage and pathogen infection, limiting the storage and transportation of fruit. Therefore, in order to reduce the loss of Lycium barbarum fruit and meet the needs of consumers for health care function, it is necessary to carry out deep processing of Lycium barbarum during ripening period. This paper expounded the main nutritional value and health care effect of Lycium barbarum, introduced the current situation of deep processing products and related technical equipments of Lycium barbarum, and pointed out the development prospect, direction and challenges of deep processing products of Lycium barbarum, which provided theoretical reference for the development of deep processing industry of Lycium barbarum.