Prinsepia utilis Royle, widely recognized in Chinese and Indian traditional medicine, has attracted significant interest in the realms of phytochemistry and bioactivity research. This deciduous shrub from the Rosaceae family thrives in the Himalayan region at altitudes between 1000 and 3000 meters. The current paper aims to consolidate existing knowledge on P. utilis, providing an updated database of its phytochemical constituents and related bioactivities. Investigations have revealed a wealth of secondary metabolites, including alkaloids, flavonoids, phenolics, and terpenoids. Research has shown that extracts, fractions, and isolated compounds of P. utilis exhibit notable antioxidant, anti‐inflammatory, antimicrobial, enzymatic inhibitory, immunosuppressive, and cytotoxic properties. In vivo studies confirm its traditional uses, demonstrating anti‐inflammatory, anti‐benign prostatic hyperplasia, osteoprotective, and hypoglycemic effects. Effective formulations using P. utilis extract have been developed for atrophic dermatitis and acne vulgaris. These findings underscore the plant's potential as a source of new therapeutic agents and functional additives. Nonetheless, further research is essential to advance pharmacological assessments, clinical trials, and sustainable cultivation methods to fully harness its pharmaceutical and industrial applications.