The turmeric essential oil of Curcuma species has extensively more useful properties due to its rich phytochemical profile. The concentration of volatile chemical constituents varies according to their type of applied plant part (i.e., root, rhizome, leaves, and flower) for extraction and type of the adopted extraction method. Novel extraction and purification methods, subcritical CO2 , supercritical CO2 , pressurized liquid extraction, and molecular distillation are found to be more efficient for good recovery of this volatile oil, along with increased concentrations of specified compounds. Not only have the curcuminoid compounds had a broad potential in the field of pharmacology but also the turmeric oil is found to have great applicability in treating several diseases and disorders. Turmeric oil possesses good antioxidant, antimicrobial, anticancer, anti-hyperlipidemic anti-inflammatory, anti-diabetic, and hepato-protective properties. Apart from medicinal fields, this oil has also a great future in the cosmetics, pesticide, and food industries due to its rich chemical profile. The present review focuses on providing information about turmeric oil in terms of its physicochemical properties, chemical composition, and available traditional extraction techniques, as well as available novel extraction options, actual health benefits, and other useful applications. It is hoped that the reported information is helpful for further discovery in the area of food, pharmaceutical, and cosmeceutical applications.