The classic famous formula Xiaochaihu Decoction has the effects of harmonizing lesser yang, and reinforcing healthy qi and eliminating pathogen. It also has pharmacological effects like antipyretic, anti-inflammatory, hepatoprotective, anti-tumor, antiviral, and immunomodulatory, etc. At present, it is mostly used in clinical treatment of cold and fever, antibacterial and anti-inflammatory, and liver protection. The chemical composition, pharmacological effects and clinical applications of Xiaochaihu Decoction were reviewed, and the predictive analysis of Xiaochaihu Decoction was carried out with reference to the "five principles" of quality marker (Q-marker) of traditional Chinese medicine. The results indicated that baicalin, arginine, guanosine, 6-shogaol, 6-gingerol, glycyrrhizin, glycyrrhizic acid, glycyrrhizinic acid, and betulinic acid could be used as quality markers of Xiaochaihu Decoction, providing a scientific reference basis for supplementing the quality evaluation and control system of Xiaochaihu Decoction and improving the whole process quality traceability system of the preparation.