Millettia speciosa Champ. (Leguminosae family), is grown in China and some other countries of Southeast Asia. Based on medicinal and nutritional facts, it is traditionally used to treat various health disorders and also used as food, hence, an important source of natural medicine and functional foods. It has been used as a body tonic enhancing immunity, anti-hepatitis, anti-asthma, muscle relaxant etc. Previously, more than 90 compounds were isolated from different parts of M. speciosa, whose medicinal and allelopathic effects need to be studied. It also possesses the pesticidal (Herbicidal, Insecticidal, Nematicidal, fungicidal) properties. This review discussed the previous and recently isolated compounds, scope for medicinal and allelopathic studies.