‘Indane′ and its analogues indene, 1‐indenone, and 1,3‐indandione present an attractive biological profile for the rational development of therapeutic molecules. The indane/ indene moieties contain aromatic benzene ring fused with an aliphatic cyclopentane/ cyclopentene ring, which provides a rigid bicyclic ring‐framework enriched with diverse chemical properties. The multifarious possibilities for varying the substituent pattern on these fused ring systems enable the extensive appraisal of structure‐activity relationship analysis of rationally designed therapeutic molecules deliberated at their molecular targets. Indane analogues serve as useful scaffolds for the development of efficacious pharmaceuticals and commercial drugs, including Indinavir, Sulindac, and donepezil; whereas the pharmacophores based on indane moiety such as Aminoindanes and Indanedione contribute towards the development of neuroleptics and neuroprotective molecules. Similarly, the Indane‐carboxamide derivatives present a robust candidature as CGRP receptor antagonists, while substituted Indane and its analogue Indene present a privileged profile for the development of anticancer therapeutics by targeting the multifaceted oncologic pathways. Besides, the indane natural product scaffolds serve as perspective drug candidates with marked therapeutic properties. The present review summarizes the medicinal chemistry aspects of indane nucleus and its analogues as anticancer, anti‐inflammatory, and neuroprotective agents for the coherent development of impending therapeutics.