Background: The drug discovery phases traditionally involve target identification as well as lead optimization through high throughput screening, which is usually time-consuming with a higher risk failure. In the case of new anticancer drugs, drug accessibility remains a great challenge due to high pricing which usually leads to a huge economic burden on a cancer patient. Objective and Methods: Drug repurposing appears to be a better alternative method for drug development. Repurposing with many benefits as faster, cheaper, safer, and easier has become the most sought research strategy nowadays. Large numbers of approved drug are now being studied for cancer. In present review, we furnish recent updates on the field of repurposing especially about prospective anti-cancer agents including selected examples of potent phytochemicals from various authentic databases. Results: We have also detailed the current approaches utilized for repurposing along with the clinical status of the repurposed drug. Conclusion: Drug repurposing has potential and scope for reducing the cost of drug discovery in the oncology field.