Antarctic krill oil functional products are the main direction of deep processing of Antarctic krill. It is rich in phospholipids， omega-3 long-chain polyunsaturated fatty acids(omega-3 LC-PUFA)， astaxanthin， vitamins and other functional ingredients. Among them， omega-3 LC-PUFA such as eicosapentaenoic acid(EPA) and docosahexaenoic acid (DHA)， which exist in phospholipid form， have higher bioavailability， better nutrition and health effects. However， there are still some challenges in the industrialization process of Antarctic krill oil， such as the greening of the extraction process， further improvement of product stability， and improvement of the quality testing standard system. This article provided a review of the extraction， separation， deep processing， analysis techniques， and biological activity of Antarctic krill oil based on the latest research trends. On the basis of these achievements， it was necessary to further strengthen basic research and technological innovation in the future， improved the production efficiency and quality of Antarctic krill oil， and explored its applications in different fields to develop more high value-added products， in order to promote the sustainable development of the Antarctic krill oil industry.