The main objective of this review is to describe the bioprospecting and other benefit of the bamboo. Bamboo is the fastest growing plant belongs to poaceae family. Totally 1600 species (114 Genera) are spread all over the world including India. As per recent worldwide suvey, 33.1 billion metric tons/year of carbon produces and 238 million tons of carbon sink by the total bamboo forest. In India, 50% of the bamboo species are cultivated and increases maximum revenue of the country. Bamboo has vital role in carbon sequestration it estimated upto 40 – 45% of carbon sequest and produces 35 % of oxygen to reduce the global warming. And its has trementous application like soil carbon storage, biofuel production, construction and production of edible products etc. Bamboo is also one of the important species has applications like anti oxidant properties, anti inflammatory properties etc. This review mainly describes the carbon sequestration, oxygen production, bamboo health benefits. And this article will be an important evidence for the future bamboo research.