Perilla (Perilla frutescens (L.) Britt.) is one of the traditional medicinal and edible plants in China. Perilla oil, extracted from the seed of perilla, contains the highest concentration of alpha-linolenic acid. It has huge market development potential in food, medicine and many other industries. With the continuous advancement and development of the big health industry, perilla oil byproducts have played an increasing role our lives. This paper comprehensively and systematically reviews the extraction process, chemical composition, pharmacological effects, development and application of perilla oil, to guide applications of perilla oil.