Orchids constitute the largest and most diverse group of flowering plants and are classified in Orchidaceae. Exhibiting significance as the most exotic and ubiquitous flowering plants, the cultivation of orchids on a commercial level, is gaining momentum worldwide. In addition to its ornamental and aesthetic value, the orchid industry has been successful in generating employment for people in developing countries. Recent advances in biotechnological interventions in orchids have substantially contributed to the development of exotic varieties with novel traits, not to forget the inputs of traditional plant breeding methods and tissue culture approaches. In addition, the scientific developments in orchid biology have remarkably improved the knowledge in areas of orchid biology, classification, phytochemistry, and cultivation strategies, among other areas. This has facilitated the commercialization of novel varieties, opening new avenues in the orchid industry, witnessed as cultivation of different varieties and globally marketed as a cut flower and artificially propagated plants. The orchids constitute the first floriculture crops, which revolutionized the orchid industry, however, it also withholds several challenges in natural propagation, several species facing extinction. International organizations like CITES have come forward to address challenges associated with illegal global trade and indiscriminate use of orchid varieties, aiming towards conservation and legal commercial goals. This thematic review is one of a kind in providing comprehensive insights on the emerging momentum of orchid biology and how its globalization projects to considerably impact the orchid industry in the coming time. Together with traditional breeding approaches and plant tissue culture, advances in biotechnological interventions continues to make substantial progress in the development of exotic varieties, with multi-faceted attributes. However, it is imperative to understand the challenges in the cultivation and conservation of orchid varieties and ensure legislative guidelines both on domestic and global levels to ensure a multipronged approach for the conservation and commercialization of orchids.