The outbreak of severe acute respiratory syndrome (SARS) threatened the world in 2003. Almost two decades later, a novel Coronavirus Disease 2019 (COVID-19), which erupted in December 2019 in Wuhan, China, has spread to 188 countries and resulted in more than ten million cases infected and nearly 500,000 deaths worldwide in less than six months. Both of SARS and COVID-19 are all caused by novel coronavirus and can lead to severe pneumonia or death. Consequently, the World Health Organization (WHO) has officially announced that COVID-19 became pandemic on March 11th, 2020. Furthermore, no specific effective treatment for COVID-19 has been proved till now, and vaccines potentially useful for prophylaxis are still only in the clinical trial stage. In this study, we explored the roles of Traditional Chinese Medicine (TCM) in treatment and prevention of COVID-19. We retrieved the published articles from the online resources including PubMed, Airiti Library, and China Academic Journals Fulltext Database (CJFD). Subsequently, we analyzed the retrieved articles related to the SARS and COVID-19, and identified the clinical manifestations, etiologies, syndromes, pathogenesis, and therapeutic principles at different stages of the diseases based on the official reports of China Health authorities. We also evaluated the ingredients and the underlying therapeutic principle of the most commonly used Chinese herbal formula named“Qingfei Paidu Decoction”to treat COVID-19. Moreover, we identified the constitutional factors to explain the various clinical manifestations and outcomes of COVID-19 from the theory of TCM. Lastly, we proposed the opportune timing of TCM treatment to block the clinical progression and to improve the prognosis of COVID-19 patients. We expect our findings will contribute to vigorous progress on clinical treatment and research of TCM against COVID-19, and we are optimistic to see that TCM will play a more important role in the management of severe epidemic diseases in the future.