Yanghe decoction is derived from the Qing Dynasty “Waike Quan sheng ji”, which has the effect of warming Yang and replenishing blood, dispersing cold and clearing stagnation. In accordance with traditional Chinese medicine, Yang deficiency and cold phlegm condensation are major mechanisms of malignant tumors. As a representative prescription of warming Yang and dispersing cold and stagnation, Yanghe decoction is widely used in the clinical treatment of malignant tumor, especially in Yang-deficient cancer patients. We analyzed CNKI, WanFang, VIP, SinoMed Chinese Biomedical Literature System, PubMed, Medline and Embase database from 2001 to 2021, found 225 articles with the topics of “Yanghe decoction, warming Yang method, malignant tumor (cancer), and network pharmacology”, and sorted out, and summarized 94 relevant articles. This review summarizes the mechanism of Yanghe decoction from the aspects of their theoretical origin, clinical observations, and pharmacological research to provide a scientific basis for the clinical treatment of malignant tumors.