Plants are endowed with numerous phytochemicals and bioactive compounds which have been explored and reported to possess therapeutic potential against different diseases. The aim of this review paper is to explore the anticancer potential of Boswellia serrata. Cancer is known to be a burden on the global healthcare system while Boswellia serrata has been reported to possess numerous bioactive compounds with anticancer effects. Therefore, there is a need to further assess the applicability of Boswellia serrata as an anticancer. The included studies for review were accessed via online databases such as Scopus, PubMed, and Google scholar with specified inclusion and exclusion criteria to guide the study selection process. Following a critical content analysis, it was found that Boswellia serrata possesses numerous bioactive compounds with anti-proliferative, cell cycle inhibitory, apoptosis, anti-metastatic, and anti-tumor effect. In conclusion, Boswellia serrata holds a great potential in the treatment of cancer and can be a potent tool in the ongoing fight against cancer; however, further studies are essential to understand the mechanism of actions of specific bioactive compounds identified in Boswellia serrata.