Frankincense is an aromatic resin obtained from a tree of various species of the genus Boswellia, family Burseraceae. Boswellia serrata, which is characteristic for the Indian subcontinent and whose pharmacological effects have been proven in numerous studies, has the greatest medical importance. The aim of this paper is a detailed literature review of the chemical composition and biological activity of Indian frankincense resin isolates (B. serrata). In vitro studies and numerous clinical trials have shown promising beneficial effects in the treatment of inflammatory diseases, such as rheumatoid arthritis, ulcerative colitis, inflammatory bowel disease (ileitis), Crohn's disease and asthma, as well as in the reduction of peritumoral edema. The resin obtained from B. serrata which has both religious and medical significance is today widely used in the cosmetics industry due to its high content of essential oil.