Aconitum tanguticum (Maxim.) Stapf., commonly known as “Bangga” when used in combination with Aconitum naviculare (Brühl.) Stapf., is a traditional Tibetan medicine widely used in medicinal preparations. It is documented in the Si-Bu-Yi-Dian and Jing-Zhu-Ben-Cao and is mainly used to treat infectious and inflammatory conditions such as fever, liver and biliary disorders, lung diseases, gastroenteritis, influenza, and food poisoning. The primary bioactive ingredients of Bangga include diterpenoids, flavonoids, and phenolic acids. Additionally, extracts of Bangga have numerous beneficial biological activities, including antibacterial, anti-inflammatory, antiviral, and antitumor properties. The integration of traditional Tibetan medicinal formulas with modern pharmacological research can reveal new directions for clinical applications. For example, other formulas such as Ba-Wei-Zhang-Ya-Wan, An-Er-Ning-Ke-Li, and Er-Shi-Wu-Wei-Gui-Jiu-Wan have shown efficacy in treating cholecystitis, pediatric hand-foot-mouth disease and asthma, and osteoporosis, respectively. Previous phytochemical research has mainly focused on its alkaloids, flavonoids, phenolic acids, and volatile oils. Accordingly, this review presents a comprehensive overview of studies on the traditional uses, chemical composition, and modern pharmacological effects of Aconitum tanguticum (Maxim.) Stapf. This review systematically summarizes the multi-target pharmacological mechanisms of its alkaloids, flavonoids, and phenolic acids, highlights its therapeutic potential in treating inflammatory bowel disease, cardiovascular diseases, and acute lung injury, and provides a theoretical basis for the integration of this ethnic medicine into modern healthcare. Furthermore, it emphasizes the need for further research to facilitate its translation into clinical practice and advance its global recognition as a promising therapeutic agent.