Abstract:: Nutraceuticals are the combination of Nutrition and Pharmaceuticals and refers to the ‘food’ possessing pharmaceutical properties. Classified into traditional (herbals, phytochemicals, probiotic, prebiotic) and non-traditional (fortified and recombinant) categories nutraceuticals, are mainly intended for preventing and treating diseases. Nutraceuticals possess several therapeutic activities which can be exploited to treat disorders like, cardiovascular, diabetes, cancer, inflammations, Alzheimer’s disease and Parkinson’s disease, etc. Nutraceuicals are mainly obtained from natural sources, hence are comaparatievly safer and cheaper alternatives than pharmaceuticals, which leads to a tremendous growth and flourishing markets tothis kind of products. The main objective of this review is to determine the advancement made in the field of nutraceuticals and their potential as pharmaceutical alternative. This article focuses on present and past market scenario of nutraceuticals, their therapeutic effectsand advantages over pharmaceuticals products. Secondly, with the advancement of novel drug delivery system, the drawbacks of nutraceuticals have been resolved and efficacy has been improved which resulted in gaining the interests of scientists and researchers in this field for further improvement. Thus, we can expect the lucarative market of nutraceuticals in upcoming days. It is clear that nutraceuticals have great potential to replace the pharmaceuticals and serve for the wellbeing of mankind.