With the increasing societal interest in plant-based remedies for health care, there is a growing trend toward the use of plants from traditional medicinal systems, which have been employed for centuries. Bougainvillea spectabilis Willd. (Nyctaginaceae), commonly referred to as the Paper Flower, is widely recognized for its ornamental value, with its vibrant bracts enhancing landscapes in urban and rural settings alike. Despite its aesthetic popularity, the therapeutic potential of B. spectabilis remains underexplored. Comprehensive phytochemical studies have identified a diverse spectrum of bioactive compounds within this species, including aliphatic hydrocarbons, fatty acids, fatty alcohols, volatile constituents, and various phenolic compounds such as flavonoids, glycosides, quinones, saponins, tannins, alkaloids, and terpenoids, all of which hold promise for pharmacological applications. Notably, specific compounds such as bougainvinones, pinitol, quercetagetin, quercetin, and terpinolene have been identified for their medicinal properties. Traditionally, B. spectabilis has been employed in the treatment of various ailments, including diarrhea, hypotension, gastrointestinal disorders, stomach pain, nausea, and inflammatory diseases, as well as for pain relief. This review compiles and examines the known and potential therapeutic uses of Bougainvillea spectabilis, drawing on data from a range of scientific sources, including Google Scholar, ScienceDirect, PubMed, SciFinder, and Scopus.