Mucuna pruriens, commonly known as velvet bean, is a medicinally and economically significant legume of Fabaceae family with applications in traditional, economic, medicinal, and pharmacological domains. Traditionally, it has been utilized in Ayurvedic, Siddha, and Unani medicine for its neuroprotective, aphrodisiac, and anti-inflammatory properties. Economically, it serves as a valuable crop for soil enrichment, livestock feed, and pharmaceutical industries, contributing to sustainable agriculture and herbal medicine markets. Medicinally, M. pruriens is recognized for its high L-DOPA content, making it a natural alternative for Parkinson’s disease treatment, while also exhibiting antioxidant, antimicrobial, and hepatoprotective effects. Pharmacologically, studies highlight its anti-diabetic, antitumor, and fertility-enhancing activities, reinforcing its therapeutic potential. The plant’s bioactive compounds, including flavonoids, alkaloids, and phenolic compounds, contribute to its broad-spectrum pharmacological effects, making it a promising candidate for future drug development.