Plants possess very important phytochemical constituents and are rich in nutritional and medicinal contents. Current studies were performed to review the phytochemistry, nutritional and pharmaceutical value of Asparagus racemosus (shatavari). This plant contains numerous steroidal saponins, steroids, alkaloids, flavonoids, cyclic hydrocarbons, tannins, anthraquinones, polysaccharides, oligospirostanoside, trace minerals, derivatives of dihydrophenanthrene and derivatives of furans and essential oils. A. racemosus has shown neuroprotective, antitussive, immunomodulatory, antidepressant, nootropic, antiamnesic, antiulcer, antiparasitic, antidiabetic, anticancer, aphrodisiac, antibacterial, anti-inflammatory, antidiarrheal, antioxidant, hepatoprotective, hypocholestrimic, antiurolithiatic, anti-sebum and wound healing effects. It has been found effective in improving sperm count and also used to treat blood dysentery, skin problems, kidney stones, dysentery, diarrhoea, epilepsy, general weakness, leucorrhoea, gynecological disorders, lactation issues and teratological disorders. Its root extract is an important ingredient of many useful drug formulations including Abana, Diabecon, EyeCare, Geriforte, Himplasia, Lukol and Renalka. Its roots are rich in many nutrients and can be orally given to diary animals as food supplements to increase the milk production, reproduction capacity and immune system. Shatavari extracts can be used to increase the nutritional value of bakery products and fortification of milk.