Konjac glucomannan (KGM) is a hydrophilic, neutral polysaccharide obtained from the corm of Amorphophallus konjac (Araceae). Excellent biodegradability, biocompatibility, and nontoxicity has marked the utilization of KGM in variety of drug delivery and biomedical applications. KGM has generally regarded as safe (GRAS) status approved by the United States Food and Drug Administration. The gelling, and film‐forming properties possessed by native KGM has attracted a widespread attention of the researchers for exploring its drug delivery potential. Additionally, the versatility of KGM modifications further extends the drug delivery opportunities through ever‐increasing array of functional properties of KGM. Present review is aimed at presenting the state‐of‐the‐art collection of structure, functional properties, biosynthesis, in vitro and in vivo degradation, chemical modifications, and finally, the drug delivery applications of the KGM. Authors tried to cover the aspects of the KGM relevant to the formulation personnel, and academicians involved in the investigation on variety of pharmaceutical, biotechnological, and biomedical applications of KGM. This article may encourage the investigators to explore the use of KGM, owing to its beneficial traits, as pharmaceutical excipient for drug delivery applications.