<p>Traditional medicinal plants are gaining popularity around the world due to the presence of several bioactive components with multifarious health benefits. Turmeric is one of the most ancient medicinal herbs that have been traditionally used as a spice and therapeutic agent in India, China, Indonesia, and other subcontinents. The plant’s rhizome is its most useful component for various medicinal purposes, with no known adverse effects. Turmeric is widely utilized in Indian systems of medicines as well as folk medicines and home remedies for a variety of ailments. Turmeric powder has been used since centuries in indigenous medicine to treat various diseases, including rheumatism, diabetic ulcers, cough, biliary disorders, anorexia, and sinusitis. In old Hindu treatises, turmeric was extensively utilized to treat sprains and swelling. Curcumin is the main active component of turmeric, responsible for the majority of its therapeutic actions and for imparting its yellow colour. Curcumin has multiple functions, including anti-inflammatory, antioxidant, antiviral, anti-cancer, antibacterial, anti-arthritic, anti-microbial, and healing properties. Curcumin and its related compounds are of particular interest to scientists due to their diverse therapeutic effects. Thus, the primary focus of this review is to provide a detailed insight on its traditional uses to recent research studies on the composition, bioactive components, and therapeutic applications of turmeric.</p>