Dendrobium officinale Kimura et Migo (D. officinale), a valuable medicinal and edible homologous plant, is a synonym of Dendrobium catenatum Lindl. D. officinale has been used for thousands of years in daily health care and treatment of diabetes, gastrointestinal diseases, and various cancers. During the cultivation and harvesting of D. officinale, its non-medicinal parts (leaves and flowers) are often discarded as waste, resulting in a huge waste of resources. Approximately 244 chemical constituents have been isolated from the stems, leaves, and flowers of D. officinale, mainly polysaccharides, bibenzyls, phenanthrenes, flavonoids, phenolic acids, and other constituents. Among these substances, polysaccharides are the most abundant and main bioactive components. The stems, leaves, and flowers of D. officinale can all be used for food, medicine, cosmetic, or health care purposes. Among these, the flowers play many roles, such as antioxidant, neuroprotection, anti-depression, and learning and memory improvement functions, and can be used as a natural nutritional supplement to prevent neurologic disorders like depression and Alzheimer’s disease. Simultaneously, the leaves of D. officinale exhibit beneficial effects on metabolic and cardiovascular diseases and can used as a functional food for the prevention and treatment of hyperglycemia, hypertension, and hyperuricemia. To the best of our knowledge, this paper is the first systematic and comparative review of the traditional uses, bioactive compounds, pharmacological effects, and applications of different parts of D. officinale. We hope this review will provide a scientific reference for the development and utilization of this plant.