Asparagus (Asparagus racemosus L.) is one of the most significant traditional medicinal plants, containing phytochemicals that are non-nutritive but beneficial to health. It contains bioactive metabolites such as fructo-oligosaccharides, polysaccharides, asparosides, shatavarins, sapogenins, racemosols, isoflavones, glycosides, mucilage, and fatty acids, while saponin is one of the main active constituents of asparagus roots. Asparagus helps in fertility promotion, stress management, and hormone modulation. It also treats stomach ulcers, kidney disorders, and Alzheimer's disease. Substitution of asparagus powder or extract for value addition of food products (such as beverages, bakery, and milk) enhances the nutritional and functional properties. Currently, the plant is considered endangered in its natural habitat because of its destructive harvesting, habitat destruction, and deforestation. As it is a highly perishable commodity, it needs proper handling, preservation, and storage. This review will outline the medicinal properties, uses, value addition, and preservation techniques of asparagus roots. The study found that, till now, the only preservation techniques used to increase the shelf life of asparagus roots are drying and irradiation.