Colocasia esculenta (L.) Schott (Family: Araceae) is an annual herbaceous plant with a long history of usage in traditional medicine for several countries, especially in the tropical and subtropical regions. It is majorly cultivated in Southeast Asia by several common names like Arbi, Arvi, and Eddoe. The young leaves and roots are rich in Vitamin C as well as starch. It contains calcium, phosphorus, thiamine, riboflavin, niacin, oxalic acid, calcium oxalate, sapotoxin and flavones, apigenin, and luteolin. Phytochemical screening also showed the presence of alkaloids, glycosides, flavonoids, terpenoids, saponins, oxalates, phenols. Traditionally it has been used for the treatment of various ailments such as asthma, arthritis, diarrhea, internal hemorrhage, neurological disorders, and skin disorders. This review emphasized the updated phytopharmacological profile of C. esculenta such as antimicrobial, antihepatotoxic, anti-cancer, antioxidant, antibacterial, antifungal, anthelmintic activity, antidiabetic, hypolipidemic, anti-melanogenic, estrogenic and neuropharmacological effects. It will provide extensive literate about the Colocasia esculenta in future research towards the acceptability of its clinical application.