Wushe Zhiyang Pills (WZP), a classical traditional Chinese medicine (TCM) formula, has been extensively used for the treatment of chronic urticaria and other relevant dermatologic diseases. In this study, a holistic method combining ultra-performance liquid chromatography coupled with diode array detector (UPLC-DAD) fingerprint and multi-components quantitative analysis was developed and validated for quality evaluation of WZP. As a result, a total of 34 characteristic peaks were screened to assess the chemical similarities of 16 batches of WZP samples. By coupling with a hybrid linear ion trap (LTQ)-Orbitrap mass spectrometer, 163 compounds were identified or tentatively identified in WZP. Furthermore, a rapid quantitative analysis method based on ultra-performance liquid chromatography coupled to tandem mass spectrometry (UPLC-MS/MS) technique was optimized and validated for simultaneously determination of 16 chemical markers within 13 min in WZP. The developed UPLC-MS/MS approach was successfully employed for analysis of 16 batches of WZP samples. The proposed comprehensive method combining holistic chemical profile with notable target compounds has proved to be suitable for the systematical quality evaluation of WZP, which provides a feasible and efficient strategy to monitor the overall quality consistency of TCM formulae.