Rabdosia japonica var. glaucocalyx is mainly distributed in northeast Asia and has many bioactivities and good safety. There were over 100 compounds isolated from the plant and 50 derivatives prepared from diterpenoids of this plant. Many of these compounds have good bioactivities. The aim of the present article is to review phytochemical constituents, extraction techniques, and derivatives of diterpenoids, recommend the total diterpenoids and some monomers for pharmaceutical industry, and have a look at the future perspectives. It is expected that still more new compounds having good biological activity will be isolated from the plant.