Edible traditional Chinese medicines (TCMs) have a long‐standing history in tackling obesity, diabetes, and metabolic diseases, which, in turn, significantly promotes the exploration of functional food products derived from edible TCMs with lower toxicity and reduced side effects. However, most of bioactive components from TCMs and their mechanisms in regulating blood glucose and lipids remain elusive, which poses a challenge for the development of safer and more effective TCM products. In this context, the development of high‐throughput screening methods has become even more important for the identification of active components and the in‐depth evaluation of hypoglycemic and hypolipidemic activity in vitro and in vivo. Therefore, this work provides an overview of edible TCMs for managing glucose and lipid metabolism disorders and summarizes the most recent progresses in identifying hypoglycemic and hypolipidemic bioactive compounds in edible TCMs through various screening methods. One significant approach involves the utilization of multitarget‐based ultrafiltration liquid chromatography coupled with mass spectrometry. This technique enables the concurrent screening and identification of potential pharmacodynamically active components in TCMs, as well as the investigation of their mechanisms of action. The bioactive compounds identified may serve as crucial active agents in reducing blood glucose and lipids, exhibiting promising potential for incorporation into functional foods or natural health products.