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Garcinia pedunculata Roxb. (GP), belonging to family Clusiaceae is an evergreen tree growing in semi-wild conditions, widely distributed throughout the Northeastern part of India. Traditionally, this plant is believed to be of immense medicinal importance and is used for the treatment of various ailments. In Assam, the acidic fruit of GP is effectively used in folklore medicine to treat gastrointestinal disorders and is an integral part of ethnic Assamese cuisine. The ripe fruit, seldom consumed fresh or raw, is cut into thin slices, sun-dried for preservation as it is believed that the medicinal property of the fruit increases as it ages. With much traditional claims and beliefs surrounding this plant, many therapeutic potentials of GP has been explored through research till now including its antioxidant, antibacterial, antifungal, anthelmintic, hypolipidemic, antidiabetic, hepatoprotective, neuroprotective, and nephroprotective properties. Moreover, the presence of polyphenols, flavonoids along with bioactive components like hydroxycitric acid, garcinol, cambogin have also been reported from this plant thereby increasing its research avenues. Even with the available knowledge, there is a huge lacking in understanding of its underlying molecular mechanism responsible for the therapeutic properties, pharmacological mode of action, and its effect in different pathological conditions along with detailed information on its chemical composition. This review mainly aims to summarise the potentially beneficial properties of GP that have already been reported, along with identifying the new avenues that still need to be addressed, thereby increasing the future prospect for in-depth research with this plant, along with its distribution and conservation status.