Valeriana jatamansi Jones (Family: Caprifoliaceae), a high value medicinal plant, was distributed in many countries of Asia. The species possesses important valepotriates and is a good source of flavones or flavone glycosides, lignans, sesquiterpenoids or sesquiterpenoid glycoside, bakkenolide type sesquiterpenoids, phenolic compounds, terpinoids, etc. The use of the species in traditional and modern medicines is well known. For instance, V. jatamansi is very important for its insect repelling and antihelmethic properties. Similarly, sedative, neurotoxic, cytotoxic, antidepressant, antioxidant, and antimicrobial activities of the species in various ailments in the indigenous system of medicine, particularly in Asia, are reported. This review focuses on the detailed phytochemical composition, medicinal uses, and pharmacological properties of V. jatamansi along with analysis of botanical errors in published literature and reproducibility of the biomedical researches on this multipurpose herbaceous species.