Schleichera oleosa (Lour) Oken., a member of Sapindaceae family, is found in South East Asia region and in sub-Himalayan tract of India.This plant is long been used in India as a folkloric plant for its enormous therapeutic effects and as livestock feeds. The plant is used in helminthiasis, acne, itching, menorrhea, malaria, dysentery, rheumatism, hair loss in Ayurveda and evaluated scientifically for antiinflammatory, antiulcer, anticancer, antibacterial and antioxidant effects. Phenolic compounds, fatty acids, tannins, hydroxyl sterols and triterpenoids are the common active Phytoconstituents of this plant.The present study reviews the Vedic status, traditional uses, Ayurvedic properties, Phytoconstituents, chemistry and biological effects of Schleichera oleosa and describes as a potential plant for the source of various therapeutic agents.