Frankincense, derived from the resin of Boswellia species, has been valued for millennia across diverse cultures for its aromatic, medicinal, and economic significance. This review provides an in-depth analysis of frankincense, encompassing its historical development, geographical distribution, and trade dynamics. The paper examines the economic aspects of frankincense production, including its impact on local economies and global markets. Detailed attention is given to the plantation and harvesting practices, production statistics, and the chemical composition of frankincense. Various types and colours of frankincense are discussed, along with quality assessment criteria. The review explores the diverse properties and applications of frankincense products, including their benefits and potential side effects. Additionally, it addresses sustainable harvesting practices, conservation efforts, and regulatory considerations. The paper concludes with a summary of recent scientific research, current challenges in the industry, and future directions for exploration and improvement.