Dactylorhiza hatagirea (Orchidaceae) is a perennial herb inhabiting sub-alpine to alpine regions, ranging at elevations between 2500 and 5000 m.a.s.l. With palmately lobed rhizome and lanceolate leaves having a sheathing leaf base, it bears pink flowers with purple-colored notches and a curved spur. It finds wide use in ayurveda, siddha, unani, and folk medicine in curing disorders of the circulatory, respiratory, nervous, digestive, skeletal, and reproductive systems, besides boosting the immune system to fight infectious diseases. Secondary metabolites such as dactylorhins A–E, dactyloses A–B, and others exhibit a wide spectrum of pharmacological activities (antioxidant, antimicrobial, antiseptic, anticancer, and immune enhancing activities). Its use as a dietary supplement was found to be beneficial in increasing testosterone levels, resulting in improved sexual desire and arousal. Incessant overexploitation of this medicinally important herb has resulted in the dwindling of its populations in the wild, which has resulted in its classification as a critically endangered plant species. Efforts involving mass reproduction through in vitro (through tissue culture) and in vivo (by vegetative propagation) means are currently being made to maintain the germplasm of this critically endangered orchid. Holding immense significance in clinical research and drug discovery, work on the genomic front (transcriptomics) has recently been carried out to discover the wealth of unexplored genetic information for this perennial herb. The present study is aimed at reviewing different aspects of the orchid to present collective (summarized) information on this medicinally important herb in the present, particularly its botany, ethnobotanical uses, phytochemistry, and pharmacognosy, along with the strategies that need to be adopted to prevent its overexploitation in natural habitats.