Parmelia Perlata (Huds.) Ach. belonging to Parmeliaceae family is a lichen (a close symbiotic association between algae and fungi), commonly called 'Stone Flower' and 'Charila' in India. It is widely distributed in hilly areas of Indian subcontinent. The lichen was found to contain several unique chemical constituents like usnic acid, lecaronic acid, salazinic acid, atronin etc and has been traditionally prescribed in bronchitis, excessive salivation, vomiting, toothache, boils, inflammations etc. It has also been indicated in seminal weakness, nocturnal emission, amenorrhoea, leucorrhoea, dyspepsia, calculi, blood and heart diseases, stomach disorders, enlarged spleen, bleeding piles, scabies, leprosy, general pains etc. It tones up the urinary tract and suppresses calculi formation. It has been used as traditional food by Rai and Limbu communities of East Nepal and also as light brown dye for wool as well as bio-indicator of air pollution due to heavy metals. Although it has already been substantiated for antimicrobial, antiurolithiatic, anticancer, antidiabetic potentials etc. yet not fully explored for therapeutic effects and thus remained pharmaceutically unexploited. It is probably due to difficulties in identification, bulk collection and lack of updated scientific reports on lichens. The present manuscript is mainly focused to explain various updated aspects like synonyms, common names, taxonomy, botanical descriptions, traditional uses, chemical constituents, pharmacological activities etc. of P. perlata, and is the first such scientific compilation that can be an important tool for researchers interested in studying this lichen.