From ancient times, medicinal plants have been making important contributions to mankind owing to their healing properties. Their fundamental aspects such as safety, quality, and efficiency ensure the role of plant-based medicines in healthcare. Couroupita guianensis Aubl, commonly known as cannonball tree, is a member of the family Lecythidaceae (Brazil-nut family). Cannonball tree has gained worldwide attention because of its immense therapeutic values including antibiotic, antiseptic, anti-inflammatory, antimicrobial, antimycobacterial, analgesic, antiarthritic, anti-biofilm, antidiarrheal, antifertility, antipyretic, antistress, antitumor, antiulcer, antidermatophytic, wound healing and immunomodulatory activities. Almost all parts of the tree have been used traditionally for treating various ailments. It has been reported that C. guianensis is a rich source of bioactive compounds, specifically the presence of isatin, tryptanthrin, and indirubin is noteworthy. The present review covers in-depth literature survey concerning ecology, morphology, ethnopharmacology, phytochemistry and toxicological information of C. guianensis. This review attempts to summarise information relating to the medicinal value of C. guianensis to date in order to provide baseline knowledge for future works.