Medicinal plants are sources of novel drug discovery targets. Costus speciosus is an important medicinal plant widely used for the treatment of various ailments. The plant has multiple active ingredients and has been found to possess many pharmacological activities such as antioxidant, anticancer, anti‑inflammatory, antidiabetic, hypolipidemic, hepatoprotective, steroidogenic, adaptogenic, and antimicrobial effects. This review gives an account of unique studies on C. speciosus phytochemical, toxicological, and pharmacological studies and traditional uses of C. speciosus based on searching the databases of Google Scholar, PubMed, Science Direct, and Springer Link. The previous studies stated the pharmacological potentials of C. speciosus, but it is still needed for more research efforts concerning molecular basis of its biological activities, especially in vivo models and safety assessment of its different extracts.