Peronema canescens Jack (sungkai) has been utilized to treat numerous medical conditions in the traditional healing practices of people in Sumatra and Borneo for generations. The diverse secondary metabolites in the plant give preliminary scientific evidence of the validity of its traditional uses and further studies have confirmed its various bioactivities. The plant’s pharmacological properties have been studied occasionally before 2020, leading to its antimicrobial, cytotoxic, and antioxidant activity discoveries. In 2020, sungkai was rumored to be able to treat coronavirus disease 2019 (COVID-19) which made it gain popularity that changed the history of its pharmacological studies dramatically. Since then, research on sungkai has been pursued exponentially in more diversified and specialized bioactivities. Recent studies over the past three years revealed that the plant further has anti-inflammatory, immunomodulatory, and antidiabetic activities. Reports continue to emerge suggesting the presence of other sungkai’s bioactivities. A comprehensive review was presented covering the topic, starting from the discussion of traditional uses of sungkai to its bioactivity studies. The review is integrated with the key events of its bioactivity studies development in history and its link to the current studies. Most recent scientific evidence of sungkai bioactivities is discussed and critically analyzed to give insight into its future development direction. Additionally, the attempt to develop numerous derivative products from sungkai is also briefly introduced. Scientific studies evince that sungkai is a promising plant as a source of bioactive compounds that could be developed for modern medicine.