In this study, a new network pharmacology approach based on the components absorbed into the blood was utilized to investigate the pharmacodynamic material basis and the pharmacologic mechanism of the Fufang-Xialian-Capsule (FXL) in treating chronic atrophic gastritis (CAG). Initially, we confirmed the components absorbed into the blood by ultra-high-performance liquid chromatography coupled with quadrupole time-of-flight mass spectrometry. Then, the network approach, which was based on the results of components absorbed into the blood, was utilized to analyze the pharmacodynamic material basis and the pharmacologic mechanism of FXL on treating CAG. As a result, 22 absorbed components were found in the rat’s plasma. Given the results of the absorption analysis of the components, 8 pathways associated with CAG development were found. The targets linked to these pathways are the drug targets of FXL in CAG treatment. The components associated with these targets are the potential pharmacodynamic material basis and exert synergy in regulating pathways during CAG treatment.