Orchids constitute the largest and most diverse group of flowering plants and are classified in the family Orchidaceae. Exhibiting significance as the most exotic and ubiquitous flowering plant, the cultivation of orchids on a commercial level is gaining momentum worldwide. In addition to its ornamental and aesthetic value, the orchid industry has successfully generated employment for people in developing countries. Recent advances in biotechnological interventions in orchids have substantially contributed to the development of exotic varieties with novel traits, not to forget the inputs of traditional plant breeding methods and tissue culture approaches. In addition, the scientific developments in orchid biology have remarkably bridged the knowledge gaps in areas of orchid classification, phytochemistry, and cultivation strategies. This has facilitated the commercialization of novel varieties, opening new avenues in the orchid industry, and their global marketing as cut flowers and artificially propagated plants. Orchids constitute the first floriculture crops that revolutionized the orchid industry; however, they also hold several challenges in the natural propagation and conservation of several species that are on the verge of extinction. International organizations like CITES have come forward to address challenges associated with illegal global trade and indiscriminate use of orchid varieties, aiming for conservation and legal commercial goals. This thematic review is one-of-a-kind in providing comprehensive insights into the emerging momentum of orchid biology and how its globalization projects to considerably impact the orchid industry in the coming times. However, it is imperative to understand the challenges in the cultivation and conservation of orchid varieties and ensure legislative guidelines both on domestic and global levels to ensure a multipronged approach to the conservation and commercialization of orchids.