The normal function of pancreatic beta cells is vital to the control of blood glucose. Earlier research suggests that the traditional Chinese medicine Cortex Lycii Radicis may help protect pancreatic beta cells and improve insulin sensitivity. However, the specific effects and molecular mechanism of this herb have not been described. Thus, we investigated the role of Cortex Lycii Radicis in regulating the proliferation, apoptosis, and autophagy of INS-1 pancreatic beta cells. Our study revealed that Cortex Lycii Radicis extracts could promote INS-1 cell proliferation and inhibit cell apoptosis under high glucose conditions. We also evaluated the formation of autophagosomes and found that GFP-LC3 fusion protein was translocated to the autophagosome membrane. Autophagosomes increased in the group treated with Cortex Lycii Radicis compared with the no treatment control group, indicating that these extracts could promote the activation of autophagy in INS-1 cells. Our findings suggest a significant association of the Cortex Lycii Radicis extracts treatment with apoptosis and autophagy, which protects the function of pancreatic beta cells, providing evidence for the development of a new drug for diabetes treatment.