Argemone Mexicana L. (AM, Papaveraceae) is found and native to tropical America. Many cultures have traditionally used this annual herb to treat a variety of ailments, including skin disorders, digestive problems, eye issues, and anti-dotes. Argemone Mexicana (AM), a plant with a long history of traditional use, has recently gained renewed attention from researchers due to its potential pharmacological benefits. The possibility that this plant could be used to develop new therapies has inspired further research. Information about AM was collected from scientific databases published between January 2000 and March 2022. These databases include Elsevier, PubMed, Web of Science, NOPR, Google Scholar, ResearchGate, Wiley, SpringerLink, and ACS publications. Numerous chemical constituents present in AM have been found to have medicinal properties, such as alkaloids, flavonoids, tannins, phenolic compounds, saponin, terpenoids, and cardiac glycosides. Various parts of the AM plant exhibit antimicrobial, wound healing, antioxidant, antimalarial, larvicidal, anthelmintic, antidiabetic, hepatoprotective, anticancer effects, and have been used to treat sexually transmitted diseases. However, the plant is also known to be toxic, and its use can lead to a number of adverse effects, including dermatitis, gastrointestinal disturbances, and neurological damage. This review critically evaluates recent developments in the traditional use, phytochemistry, pharmacology, and toxicology of AM in order to provide a scientific basis for reasonable utilization and further research.