The output of corn in China is considerable. As by-product of corn starch production, corn gluten meal which is rich in maize yellow pigment is the ideal material for extraction of maize yellow pigment. Maize yellow pigment as a natural colorant is applied to the food industry. In addition, because of its strong antioxidant activity, it has a series of physiological functions, such as eyesight protection, anti-cancer, prevention of cardiovascular disease. The composition and properties of maize yellow pigment are introduced and their extraction methods and application status are reviewed.