Plants are one of the most important sources of medicines. Basil (Ocimum basilicum Linn.) is one such plant which symbolizes all that is wondrous in nature because, the whole plant has been used as traditional medicine for household remedy against various human ailments from antiquity. The objective of this paper is to review the literature regarding Ocimum basilicum, specifically for its chemical properties, therapeutic benefits and scientific studies. This review consists of all publications relevant to Ocimum basilicum that were identified by the authors through a systemic search of major computerized medical database. Studies indicate Ocimum basilicum to possess analgesic, anti inflammatory, antimicrobial, antioxidant, anti ulcerogenic, cardiac stimulant, chemomodulatory, CNS depressant, hepatoprotective, hypoglycemic, hypolipidemic, immunomodulator and larvicidal activities. The drug was also searched for its folkloric claims. It is used in traditional medicine as a tonic and vermifuge, and Basil tea taken hot is good for treating nausea, flatulence, and dysentery. The oil of the plant has been found to be beneficial for the alleviation of mental fatigue, cold, spasm, rhinitis, and as a first aid treatment for wasp stings and snakebites. Preliminary studies have found various constituents of Ocimum basilicum to exhibit a variety of therapeutic effects. These results are very encouraging and indicate that this drug should be studied more extensively to confirm these results and to find other potential therapeutic effects.