GuiZhiFuLing-Wan (GFW) has been used in China for centuries to improve blood stagnation. In this paper, a HPLC-DAD-MS/MS method was established for the efficient and rapid identification of the chemical constituents in extract of GuiZhiFuLing-Wan. Separation was performed on an Alltima C(18) analytical column by gradient elution with CH(3)CN/H(2)O-CH(3)COOH as mobile phase at a flow rate 1.0ml/min. 27 potentially bioactive compounds including monoterpene glycosides, galloyl glucoses, acetophenones, phenylallyl compounds and triterpenoids were identified or tentatively characterized by online ESI/MS/MS and the comparison with literature data and authentic compounds. After the identification, six different brands of GFW commercial products in various dosage forms were evaluated. The results demonstrated that capsule of GFW was superior to the other two dosage forms, honeyed pill and concentrated pill in administration. The points that should be paid more attention during the manufacturing process of GFW were also analyzed. The method can be the basis for the quality control of this commonly used herbal formula.