Tremella fuciformis (T. fuciformiss) Berk is an edible and medical fungus that has been used as a traditional food and medicine throughout Asia. T. fuciformis Berk studies have been conducted in various ways, including neuroprotection related to memory and learning ability, anticancer efficacy, and efficacy for restoring and maintaining elevated cholesterol and blood sugar levels. Furthermore, T. fuciformis Berk’s importance has also been on the rise since the extracts derived from natural products have recently been in the limelight for safety and environmental protection as functional ingredients for cosmetics. Moreover, numerous studies have investigated T. fuciformis Berk’s activities on skin care. Due to these diverse bioactivities, the recent research has been focused on the usability of T. fuciformis Berk extract as a novel phytochemical. This article aimed to organize T. fuciformis Berk’s comprehensive effects, emphasizing its value as a useful phytochemical. T. fuciformis Berk would be remarkably effective in protecting the skin based on its functional activities such as anti-inflammatory and antioxidant effects. It is thus anticipated that T. fuciformis Berk would be a valuable cosmeceutical ingredient in medical and cosmetics industries in the future.