Crocus sativus L. is an herbaceous perennial-cormous plant which is believed to show many pharmacological actions. The plant contains important constituents like crocetin, picrocrocin, safranal (main component for characteristic aroma). Safranal is the aglycon of picrocrocin; those are responsible for many pharmacological actions. In ayurveda saffron is used to cure chronic diseases such as asthma, arthritis, skin diseases, spasmodic disorders, digestive disorders, digestive disorders, kidney disorders. Saffron is also useful in liver and spleen enlargement. Very few modern preclinical and clinical studies have been performed on the plant. In this review, we have made an attempt to compile some of its important and scientifically proven pharmacological activities.