Nymphaea nouchali (Syn. Nymphaea stellata Willd.) from family Nymphaeaceae, is a species of perennial aquatic flowering plant with huge round floating leaves and rhizomes. It is well-known and prominent herb in Ayurveda and Siddha system of medicines with multiple medicinal properties. It comes from southern and eastern regions of Asia, and is a national blossom of Sri Lanka and Bangladesh. Scientific investigation has revealed that it exhibits vast range of pharmacological actions, namely antihyperglycemic, antioxidant, antimicrobial, analgesic, antiinflammatory, antipyretic, antitumor, hepatoprotective, antiulcer, antihelmintic, antinociceptive, immunomodulatory activities etc. Polyphenols, flavonoids, sterols, alkaloids, saponins, tannins, protein, nymphasterol, nymphayol have been recognized as important factors in the medicinal effects of N. nouchali. The present review focuses on pharmacological and phytochemical investigation of N. nouchali.