Abstract: Porphyra is an algae with important economic and research value in China. Its nutritional composition mainly contains polysaccharide, phycobiliprotein and active substances such as polyphenols, and has good antioxidant, antitumour, anti-cardiovascular disease and immunomodulatory effects. This review summarises the common extraction methods of nutrients such as polysaccharides, proteins and polyphenols from Porphyra and the latest research progress on bioactive functions such as antioxidant, antitumour and immune modulation under in vitro and in vivo models, which would provide reference for further high value development and utilization of Porphyra.