Centella asiatica (L.) Urb. is one of the important medicinal and nutraceutical herbs being used by ethnic people since prehistoric times. It accumulates large amount of pentacyclic triterpenoid saponins which forms the major store house of secondary metabolites providing active compounds stimulating cell rejuvenation, improving physical and mental health. C. asiatica also serves dietetic purpose in the form of green leafy vegetable and in the preparation of juice, drink and other food products. The present review is an attempt to emphasize its ecology, phytochemistry, traditional and pharmacological applications of C. asiatica.