Eriobotrya japonica (Thunb.) Lindl (EJL) leaves have been used by humans as medicine to treat lung diseases, such as cough and asthma, since ancient times. With the advancement of science, technology, and medical treatment, numerous approaches are available to treat lung diseases; however, other emerging problems cannot be ruled out. For example, synthetic drugs can have irreversible negative effects on human health. In contrast, natural medicines are biologically and environmentally friendly. EJL leaves have a long history and are an important Chinese herbal medicine that is widely used to treat various conditions, such as hyperglycemia, cancer, lung diseases, fungal infections, and inflammation. Numerous chemical components have been identified in EJL leaves, with sesquiterpenes, flavonoids, and triterpenoids being the main active ingredients. This review summarizes the phytochemistry, pharmacology, and mechanism of action of the active components of EJL leaves and provides a reference for future clinical research.