The history, beneficial ingredients, mechanism, processing, and products of <i>Panax ginseng</i> for medicinal and edible value

<i>Panax ginseng</i> has been used as a superior herb in traditional Chinese medicine (TCM) for at least 2,000 years. With its outstanding effects of nourishing, tranquilizing, and benefiting the mind, it has been traditionally used as an herbal remedy for a variety of ailments, such as physical weakness, thirst, or insomnia with palpitations. At the same time, it has also been used as a tonic ingredient in the daily diet of the Chinese, and various kinds of supplements made from it have been used to prolong longevity. This review focuses on the application history, current research progress (2004−2023), functional material basis and product development of <i>P. ginseng</i> as a “dual-use substance for medicine and food”, and the pharmacological effects of its components on cancer, skin wound, thrombosis, inflammation, neurological disorders, etc. It also emphasizes the impact of processing technology on the nutritional and pharmacological effects of <i>P. ginseng</i> and reports the trends and challenges of its future research and development.