The modern sugarcane cultivars are mainly the hybrid offspring of a few clones of 2-5 sugarcane species in the genus sugarcane. Owing to the narrow genetic background and close blood relationship, it is difficult for breeders to obtain sugarcane varieties with high yield, high sugar and high stress resistance in the past 30 years. Making full use of the wild relatives of sugarcane is very important for broadening the genetic background and accelerating the nobilization of sugarcane. Erianthus fulvus Ness, a near-source wild species of sugarcane, is not only an important wild germplasm for sugarcane breeding, but also an important resource for genome evolution and functional gene analysis of sugarcane complex. Since the 1980s, great progress has been made in the collection and research of Erianthus fulvus germplasm resources and the cultivation of new sugarcane varieties with drought resistance and cold tolerance by intergeneric hybridization between sugarcane and Erianthus fulvus. In addition, the physiological and molecular response mechanisms of many excellent traits, including high sugar, cold tolerance and drought resistance, have been gradually analyzed in Erianthus fulvus. In order to better explore the molecular basis of the excellent traits of Erianthus fulvus and its application value in sugarcane breeding, This review systematically summarizes the research progress and utilization status of Erianthus fulvus, analyzes the genetic diversity, genome evolution characteristics and sucrose biosynthesis and transport pathways of Erianthus fulvus, and further proposes the application potential of Erianthus fulvus as a model plant and biofuel plant. Additionally, we analyze the molecular response characteristics of Erianthus fulvus to low temperature and drought stress, discuss the problems existing in the research and utilization of Erianthus fulvus, and prospect the future development direction.