Meconopsis aculeata, commonly known as Queen of Himalaya belongs to the family Papaveraceae. It is a crucial herb, used against various diseases and ailments under traditional medicine in Indian, Pakistani, Tibetan and Nepali culture since ancient time. Worldwide, there are approximately 49 species of genus Meconopsis, known for its medicinal values till date. As a consequence of specific habitat of Himalaya, environmental conditions and over exploitation, it is under critically an endangered species. The major chemical constituents of the M. aculeata are group of naturally occurring compound including Alkaloids, Phenolics, Tannins, Cardiac glycosides, Flavonoids, Saponins, Steroids, Triterpenoids, Carbohydrates, Proteins, Amino acids, Phytosterols, and Phlobatannins. Hardly any scientific literatures are available regarding anti-oxidant, anti-fungal, anti-inflammatory, anti-cancer, and anti-microbial activities of it. Therefore, the present review is designed to delineate only evidence-based depth information regarding ecological, pharmacological, and phytochemical of M. aculeata. Some conservation strategies also mentioned for this precious gem of Himalaya. In view of its various therapeutic potentials, this plant species is a subject of considerable modern scientific attention.