Castor (Ricinus communis L.) has been transformed from a wasteland colonizer to an important industrial oilseed crop. Its seed oil is one of the most sought-after vegetable oils because of its rich properties and variety of end-users. Castor is an ancient crop but its production now has been limited mainly to India, China and Brazil, for many reasons. Castor oil is a hot market commodity product. It has been recently recognized as an efficient feedstock for biodiesel production. Increasing demand world over for biofuel resources and many recently identified industrial uses of castor oil have escalated castor oil demand. Global demand for castor oil is rising constantly at 3-5% per annum. In the last decade, many countries have started making serious exploratory efforts at growing castor as there is a tremendous scope to establish castor as a supplementary crop production option to farmers and to provide significant returns on investment given high global demand for castor oil. In view of the increasing worldwide interest in castor oil, this review evaluates the global scenario of castor cultivation, exports and imports of castor oil, new interests in castor oil and genetic improvement in productivity. In addition, the current research challenges and priorities have been discussed in the review.