As a dark tea, Pu-erh tea (PET) is produced from sun-dried leaves of Camellia sinensis var. assamica mainly in Yunnan Province of China. Many microorganisms are involved in the fermentation of PET. Among them, Aspergillus niger is most important. It is believed that the longer the preservation period, the better is the quality and taste of PET, which is commercially available as loose, compressed or instant tea leaves. Chemical components of PET include flavones, flavanols, flavonols, phenolic acids, alkaloids and methylxanthines. In this overview, the lipid-lowering and anti-obesity effects of PET were discussed based on animal models and human trials, and our study provided some insights into possible mechanisms of bioactive compounds, such as theabrownin, catechins, lovastatin and gallic acid. Other bioactivities of PET and some information on Fuzhuan brick tea were also included. Sources of information cited were from Google Scholar, PubMed, PubMed Central, Science Direct, J-Stage, PubChem, Directory of Open Access Journals (DOAJ), and China National Knowledge Infrastructure (CNKI).