Hemp (Cannabis sativa L.) is a multi-million-dollar industry in several temperate countries. In South and Southeast Asian region, it remains a neglected and underutilised due to several legal, political, and cultural barriers. Therefore, very limited research has been done on value chain of hemp in this region. Nevertheless, as discussions are ongoing on the legalization of hemp in some of the countries in the region, interest in research and development of hemp is growing. The objective of this review is to identify what has been done on hemp in the region and outline the potentials and challenges in adopting hemp as an industrial crop in tropical South and Southeast Asia. The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines were used to select and review research articles. Out of the 12,210 studies, 36 were selected for review and analysis. The results demonstrate the potential of hemp in the South and Southeast Asian region in terms of genetic diversity, growth habits, environmental and health benefits, and value-added products. To motivate the commercial cultivation, several key aspects were identified that includes development of region/location specific cultivars, introduction of site/cultivar specific management practices and development of proper market facilities. The review concludes that hemp can be a potential candidate for crop diversification across South and Southeast Asia.