When ripe in mid- to late summer, the fruit is juicy and edible, with a sweet but astringent taste somewhat similar to that of rhubarb.

The skin of the fruit is thin and fragile, making it difficult to transport, thus reducing its viability as a food crop.

As with other species in the genus Elaeagnus, E. multiflora plants are actinorhizal, growing in symbiosis with the bacterium Frankia in the soil.

This species is occasionally grown in Europe and North America as an ornamental plant and for its fruit.

[3] In China, the leaves of the tree are used as a medicinal plant and a natural remedy for cough, diarrhea, itch, foul sores, and even cancer.