This paper summarizes Velvet antler polypeptides extraction technology and its pharmacological action. Velvet antler polypeptides extraction technology include extraction method, enzymatic hydrolysis, ultrasonic method and high voltage electric field method. The purification methods of Velvet antler polypeptides include salting-out, ultra filtration method, ion exchange method and electrophoresis. The pilose antler peptide plays an important pharmacological effects in the immune system,circulatory system,nervous system,bone metabolism and glucose metabolism. The pilose antler peptide also has effect of anti-inflammatory,anti-virus, oxidation resistance, fatigue resistance,and so on.