Cordycepin, the first nucleoside antibiotic isolated from Fungi, has been a hotspot nowadays due to a variety of bio-activities, such as antimicrobial, anti-tumor, anti-inflammatory activities and so on. The previous studies on cordycepin, including the fungal sources, extraction, purification and molecular biology, were summarized in the present paper. The patents on cordycepin both at home and abroad have also been analyzed and evaluated. It was suggested that broadening the fungal strain sources, optimizing the method of extraction and purification as well as deepening the research on biosynthesis pathway are useful to overcome the bottleneck in cordycepin production. In addition, the importance of the scientific names used in the study of mycology was emphasized.