Dalbergia is an important genus within the family Fabaceae, prevalent across tropical and subtropical regions. Among these, Dalbergia latifolia, commonly known as Rosewood, is of particular economic and ecological importance. D. latifolia is renowned for its high-quality timber. Beyond its economic value, D. latifolia plays a crucial role in traditional medicine, where various parts of the plant, including bark, leaves, and roots, are used to treat conditions such as obesity, leprosy, dysentery, and skin infections. Phytochemical analyses of D. latifolia have revealed the presence of several bioactive compounds, including flavonoids, benzofurans, phytosterols, triterpenoids, and lignans, which contribute to its medicinal properties. Notable compounds such as lupeol, β-sitosterol, and dalbergin exhibit significant anti-inflammatory, antimicrobial, antioxidant, and anticancer activities. However, overexploitation and habitat destruction have led to a decline in D. latifolia populations, prompting its classification as “Vulnerable” by the IUCN and its inclusion in Appendix II of CITES. The conservation of D. latifolia is imperative for maintaining biodiversity and preserving its economic and medicinal benefits. This chapter highlights the characteristics of D. latifolia, its traditional uses, phytochemical composition, bioactivities, and utilisation in modern medicines, as well as further research into its medicinal potential.