Natural herbal medicines are in great demand in the developed countries for primary health care because of their safety, efficacy and minimal side effects. Since ancient era plants and their extracts have been analyzed and reported for their bioactive components which contribute to various significant therapeutic properties. Artemisia pallens Wall, a medicinally important plant, belongs to family Asteraceae. The phytochemical studies of the plant parts showed the presence of alkaloid, phenols, phenylpropanoids, glycosides, flavonoids, saponin, triterpene, steroids, fatty acids, fatty esters hydrocarbons, and miscellaneous compounds which could be used in traditional medicines to cure various health issues. A. pallens has been used in Ayurveda for the treatment of measles, cough, cold, depression, diabetes and high blood pressure. The plant contains essential oil called Davana contributes to the various therapeutic properties like anti-microbial, anthelmintic, antipyretic, anti-spasmodic, wound healing activity, stimulant, etc. It is the most important aromatic plants used commercially in perfumery and cosmetic industries and India is the major exporters of Davana oil to the rest of the world. The current review deals with the study of existing therapeutic importance of A. palllens with diverse future potential perspectives.