The genus Ocimum comprises of a large number of species which are widely cultivated in different parts of the world for its pharmaceutical, neutraceutical and other commercial importance. A number of biological activities such as antimicrobial, cytotoxic, anti-nociceptive, anti-inflammatory, hypoglycaemic, hepatoprotective and antioxidant have been ascribed to Ocimum which can be linked to the occurrence of biologically active phytochemicals like phenolic acids, essential oil, flavonoids, and terpenes hence making it a potential source for discovery and development of novel drugs.The present review covers the successive advances in the traditional medicinal aspects, phytochemistry, bioactivities and their bioavailability of four Ocimum species i.e. Ocimum basilicum L., Ocimum sanctum L., Ocimum gratissimum L. And Ocimum tenuiflorum L., in order to explore their applications in versatile industries. Furthermore, this thorough compilation will be used as a potential resource for further Ocimum related medication development and research and also to identify the research gaps to fill.