Zizania Latifolia (Griseb.) Turcz. belongs to an aquatic herbaceous plant of Oryzeae tribe, a close genera of rice (Oryza sativa L.) and a potential donor of genes controlling elite traits of agronomic importance for rice breeding. In addition, it has been shown that Z. latifolia plays an important role for ecological maintainence. Recently, progress has been achieved in many aspects. In this review, we focus on the findings of Z. latifolia study from the following five aspects: the origin and evolution, focus on the findings of Z. latifolia study from the following five aspects: the origin and evolution, the economic value, the relationship with ecological environment, the genetic diversity analysis and the application practice in rice breeding. We expect that this review would provide basic knowlewdege on various aspects of Z. latifolia and clues on protection of this important species.