Gum ghatti, popularly known as Indian gum and obtained from Anogeissus latifolia, is a complex high-molecular-weight, water-soluble, and swellable nonstarch polysaccharide comprised of magnesium and calcium salts of ghattic acids and multiple monosugars. Unlike other nontimber forest produce, gums ghatti is a low-volume but high-value product. It has several applications and is widely used as food, in pharmaceuticals, and for wastewater treatment and hydrogel formation, and it has attracted a great deal of attention in the fields of energy, environmental science, and nanotechnology. Industrial applications of gum ghatti are primarily due to its excellent emulsification, stabilization, thickening, heat tolerance, pH stability, carrier, and biodegradable properties. However, utilization of gum ghatti is poorly explored and implemented due to a lack of knowledge of its production, processing, and properties. Nevertheless, there has been interest among investigators in recent times for exploring its production, processing, molecular skeleton, and functional properties. This present review focuses on production scenarios, processing aspects, structural and functional properties, and potential applications in the food, pharmaceuticals, nonfood, and other indigenous and industrial usages.