Crocus sativus L. (Saffron) is a Mediterranean herb of the Iridaceae family. The dried stigmas of C. sativa plant are processed to produce well-known spice saffron rich in secondary metabolites (safranal, crocetin, terpenes, crocins, picrocrocin, kaempferol and quercetin) with a wide range of important biological activities in curing many human diseases. Around the world, saffron is considered to be the most expensive spice, with an estimated annual production of around 300 tons per year. Therapeutic efficacies of saffron are proved through pharmacological studies and it is considered as a promising candidate with potentials for designing new drugs. In different food supplements, saffron is mainly used due to its antioxidant properties, intense flavour, aroma and luminous yellow-orange hue. Worldwide it is used in everything from confectioneries, liquors, cheeses, curries, soups, baked goods and meat dishes. This review is aimed to summarize the ethnomedicinal importance, phytochemistry and acceptable daily intake with a wide spectrum of pharmacological and therapeutic applications of saffron.