Morchella importuna is one of the most highly priced edible mushrooms and a rich source of bioactive substances with numerous beneficial medicinal properties. It has been artificially cultivated in the last few years but due to the unclear mechanism of its fruiting body formation, the stable production has not been achieved yet. This review aims to provide the detailed information about the current research status of the indoor and outdoor cultivation and significant applications of M. importuna worldwide with a vision to know more about its potential therapeutic index and edible values. It will provide the basis of better understanding about the need to develop biotechnological processes for morel farming under controlled conditions.