SUMMARYSalvia miltiorrhiza, a perennial plant of the genus Salvia in the family Lamiaceae, is one of the most important traditional Chinese medicinal herbs, renowned for its significant economic and medicinal value. Its application in China dates back to 200 BC, where it has been utilized clinically either as a monotherapy or in combination with other herbal medicines for treating cardiovascular and cerebrovascular diseases, as well as various other ailments. The bioactive constituents of S. miltiorrhiza primarily include lipophilic tanshinones and hydrophilic phenolic acids. Over the past decades, the biosynthetic pathways of tanshinones and phenolic acids have been elucidated. Coupled with the sequencing of its genome, substantial progress has been made in deciphering the biosynthesis and regulatory mechanisms of bioactive compounds in S. miltiorrhiza, including tanshinones, phenolic acids, flavonoids, and prenylated quinones. This review summarizes recent advances in the regulatory mechanisms underlying the biosynthesis of phenolic acids and tanshinones in S. miltiorrhiza, focusing on transcriptional regulation, post‐translational modifications, and epigenetic regulation. These insights provide a foundation for enhancing the production of bioactive compounds through biotechnological approaches and advancing pharmacological applications.