Abstract:Morchella，as one group of the most prized edible and medicinal fungi，has some bioactive compound.Liquid fermentation has the characteristics of short-time cycle and high yield and is a key to the utilization of Morchella.The related researches have a lot of progress in recent years，especially including exploitation of liquid fermentation and fermentation products.The main nutrition，bioactive and volatile components of Morchella，optimization of liquid fermentation and application of liquid fermentation were comprehensively expounded，and some problems in research were prospected in the paper.