Dalbergia latifolia Roxb. is recognized as a medicinally important tree of Indian forest flora providing diverse source of phytochemicals having huge potential in Ayurveda and other materia medica. D. latifolia is rich in alkaloids, carbohydrates, glycosides, flavonoids, alkaloids, phenolic compounds and tannin. Biomolecules such as dalbergin, latifolin, (R)-dalbergione, dalbinol, dalbin, latinone and dalcriodain were reported profoundly from D. latifolia wood. It is a rich source of triterpenoids, benzofuran, neoflavonoids and rotenoids. Extracts from D. latifolia heartwood, leaves, seeds, bark and roots exhibited antimicrobial, antioxidant, anthelmintic, anticancer, antimutagenic, anti-termite, antiobesity, cerebroprotective etc. activities. Current article provides an inclusive account on phytochemical diversity and the range of pharmacological activities of D. latifolia.