Cordyceps spp. is the herbal medication initially used in China and has been reported as the unique resource of cordycepin. Cordycepin exhibits many health benefits, including anti-photoaging and anti-pigmentation; therefore, it potentially is a bioactive ingredient of cosmetic products. In order to enrich cordycepin content in Cordyceps, two artificial cultivation procedures, which are solid-state fermentation and liquid culture, were developed and optimized. The aim of this review is to illustrate cordycepin biosynthesis pathway in Cordyceps, and its bioactivity for cosmeceutical applications, as well as comparing the two different cultivation procedures. The basic model of artificial cultivation of Cordyceps is introduced; meanwhile, the potential application of modern biotechnology to the artificial cultivation is also discussed. This review should be of interest to the readers for the development of cordycepin bioproduction in order to be applied in cosmeceutical industry and some other uses.