For millennia, the Lycium genus has been prized for its therapeutic and nutritional properties across Asia, especially China. It is widely used in functional foods and drinks, as well as traditional Chinese and Mongolian medicine. This chapter explores the biology, cultivation, biotechnology, traditional and modern usage, and activity profiles of Lycium ruthenicum Murr. (black goji berry). Its fruits are particularly rich in bioactive compounds, such as polysaccharides and anthocyanins, which have immune-stimulating, anti-inflammatory, and protective effects. Due to the above-mentioned advantages, Lycium ruthenicum products are used in dietary supplements and cosmetics. Determining the habitat and distribution of Lycium ruthenicum is important for the implementation of efficient conservation strategies, rehabilitation initiatives, and advancement of sustainable agricultural methodologies, particularly in ecologically and economically significant areas like Mongolia and China.