Dendrobium officinale is a medicinal and edible plant whose bioactive components, including polysaccharides, alkaloids, flavonoids, and phenolic compounds, exhibit antioxidant, anti-inflammatory, immune-regulating, and digestive-promoting effects. This review outlines the functional roles of Dendrobium's bioactive components, systematically exploring their accumulation patterns across different growth stages and environmental conditions, as well as their applications in the food industry. The literature review reveals that specific accumulation patterns occur of secondary metabolites, with these compounds accumulating most during the flowering and fruiting stages. Previous studies have also shown that environmental factors, such as light, temperature, and water, significantly influence the synthesis and accumulation of these compounds. Finally, the review discusses the development and application prospects of D. officinale in the beauty, health, and gourmet food sectors. In conclusion, this review provides theoretical support for high-quality cultivation of D. officinale and the stability of its functional components.