Pharmacognosy, one of the oldest scientific disciplines is now undergoing major change. Currently plant based drugs are researched and formulated in modern framework of medicine rather than in the form of galenical preparations or conventional dosage. Since last two decades, as herbal wave continues to dominate drug discovery and development, pharmacognosy has gained paramount importance. Recent advances in extraction, chromatography, hyphenated techniques, screening of natural product as well as application of biotechnological tools in natural product research has necessitate sound knowledge of pharmacognosy. Rapid progress of biotechnology has opened new avenues for pharmacognosist to hasten natural product research. Newer approaches, which are more superior in sensitivity as well as specificity than conventional one, are gaining popularity. On this background one needs to understand basic science of pharmacognosy and its newer relation to modern techniques. This review consolidates current trends and newer technologies and attempts to bring into focus the changing needs and scope of pharmacognosy to boost modern enthusiastic natural product researcher to work more on herbal medicines.