Calotropis procera (Aiton) Dryand. is an important member of the Asclepiadaceae family which comprises of 250 genera and over 2000 species. As the members of the family contain clear or milky sap, Asclepiadaceae is universally known as the “The Milkweed Family”. C. procera (Aiton) Dryand. is a medicinal plant with numerous therapeutic properties. Since ages the plant is used by the local traditional healers from various parts of the world to treat many ailments. Almost all the parts of the plant are used in some or the other way for therapeutic purposes. This is because the parts are rich in latex content which further comprises of various biologically active components. The review exclusively presents the phytochemical composition, traditional, therapeutic, pharmacological uses and toxicity of the milky sap of the plant. In various industries the milky sap can play an important role as a base material for manufacturing different products.