Gualou Xiebai Banxia Decoction (瓜蒌薤白半夏汤, GXBD), derived from Jingui Yaolue, consists of Gualou (Trichosanthis Fructus), Xiebai (Allii Macrostemonis Bulbus) and Banxia (Pinelliae Rhizoma), supplemented with wine, and is a representative formula for the treatment of thoracic paralysis with Bi sydnrome of phlegm-turbid obstruction syndrome. In recent years, it has been widely used in clinical practice, and the related research is summarized. In terms of preparation process, modern technology has improved the extraction efficiency and quality control level of components. Compared with water decoction, wine decoction is more conducive to the dissolution of active components and reduces the potential toxic components. The study of material basis showed that this prescription contained 8 key components such as ryegrass lactone, chrysoeriol, rutin and 95 specific components of wine decoction, and the synergistic effect of wine decoction was significant. This prescription is based on “key components-potential targets” for the treatment of cardiovascular diseases. Its mechanisms include balancing the expression of key proteins in reverse cholesterol transport to regulate lipid metabolism, improving vascular endothelial function and nitric oxide/cyclic guanosine monophosphate signaling cascade, regulating macrophage polarization phenotype to exert anti-inflammatory effects, anti-myocardial fibrosis by intervening fibroblast transdifferentiation, and regulating energy metabolism by improving mitochondrial function. This paper systematically reviewed the research progress of this prescription in the fields of preparation technology, material basis and pharmacological action, in order to provide directional reference for follow-up research, and also provide reference for the establishment and development of preparation standards.