Goji is a common plant that is widely used in the Solanaceae family. It has the effects of antipyretic, hypoglycemic, lipid-lowering, and blood pressure lowering. Its root bark could clear the lungs and lowers fire, and its seeds could nourish the liver and kidneys. However, the theory related to Goji is not sufficiently applied in modern times. Li Shizhen of the Ming Dynasty summarized the relevant discussions of ancient scholars on Goji, proposed that "if the odor is unique, the function should be distinguished", and widely introduced medicinal formulas, comprehensively explained the medicinal name, identification, use, properties, efficacy, indications, and applications of Goji from various perspectives. This article verifies Li Shizhen's herbal research on Goji in the Compendium of Materia Medica, summarizes both the identification of Goji and similar plants in appearance and the use of authentic medicinal materials; clarifies the indications and symptoms of various medicinal parts of Goji; collects the content of Goji under various drug items, and further summarizes the relevant compatibility and application of Goji in the attached formula. Based on relevant modern research, the modern value of Goji was analyzed. Finally, summarizes the impact and contribution of Li Shizhen on the research and development of Goji.