Abstract: Phycobiliprotein is a kind of natural pigment active protein, which exists widely in all kinds of seaweed. It is an important part of seaweed photosynthesis. Phycobiliproteins often exist on the thylakoid membrane in the form of phycobilisomes. Phycobiliproteins have specific light absorption peak and fluorescence emission peak. Phycobiliproteins have various biological activities such as anti-oxidation, anti-tumor, anti-radiation, and immune-enhancing. High purity phycobiliproteins have high economic values. In recent years, many new research progresses have been made in the extraction and purification process and application development. To provide with a systematic and detailed information about those features of phycobiliproteins, this article reviews a relatively comprehensive analysis on the extraction source, structural composition, extraction, purification process and the application of phycobiliprotein in the fields of food, cosmetics and medicine, which provides reference for the further development and utilization of phycobiliprotein.