The present review article explains phytochemistry, biological effects, and therapeutic uses of Butea monosperma and its associating species. This plant possesses great esthetic, medicinal, and therapeutic value in India. Palash is mentioned in holy Indian spiritual texts and has a long traditional use in Ayurvedic medicines. Its leaf decoction is used in the treatment of leukorrhea, diabetes, and for eye diseases. Flower, stem bark, root bark, and leaves possess diverse chemical constituents such as butrin, isobutrin, and isocoreopsin which showed very wide range of biological activities such as antioxidant, anti-inflammatory, anticonvulsant, antidiabetic, hepatoprotective, anti-gout activity, anti-inflammatory activity, ameliorative activity, anti-obese activity, anti-hyperglycemic, antinociceptive, anti-peroxidative anti-hepatotoxic, anthelmintic, chemopreventive, and hepatoprotective activity. Plant contains nutritive contents as fat 3.1, fiber 2.10, protein 16.87, and carbohydrate 75 (% per 100 g) and physiological important minerals such as Fe, Mn, Zn, Mg, and calcium. Plant flowers are good source of color which is traditionally used in religious rituals.