Lycium barbarum, a homology of medicine and food, contains many active ingredients including polysaccharides, polyphenol, betaine, and carotenoids, which has health benefits and economic value. The bioactive components in Lycium barbarum exhibit the effects of antioxidation, immune regulation, hypoglycemic effects, and vision improvement. Recently, the development of nutrition and health products of Lycium barbarum has been paid more and more attention with the increase in health awareness. A variety of nutrients and bioactive components in wolfberry can be retained or increased using modern fermentation technology. Through fermentation, the products have better flavor and health function, which better meet the needs of market diversification. The main products related to wolfberry fermentation include wolfberry fruit wine, wolfberry fruit vinegar, and lactic acid fermented beverage. In this review, the mainly bioactive components of Lycium barbarum and its deep-processing products of fermentation were summarized and compared. It will provide reference for the research and development of fermented and healthy products of Lycium barbarum.