As a traditional Chinese dairy product with a long history, Mongolian cheese has rich nutrients and a unique flavor, which is of great significance in the development history of dairy products in our country. The industrialized production of Mongolian cheese will promote the economic development of Inner Mongolia. Therefore, it is urgently needed to optimize the production process of Mongolian cheese, improve its palatability, and solve the problem of excessively monotonous product form. This paper mainly reviews the nutritional value and functional characteristics of traditional Mongolian cheese, discusses the current problems of its flavor and storage, proposes possible solutions to these problems, and puts forward some ideas for the development of new functional Mongolian cheese products in the future. We expect this review to provide a reference for the research and industrial production of Mongolian cheese.