Plants have been the basis of many traditional medicines throughout the world for thousands of years and continue to provide new remedies to mankind. Plants have been one of the important sources of medicines since the beginning of human civilization. The recent resurgence of plant remedies resulted from several factors, such as effectiveness of plant medicines and lesser side effects compared with modern medicines. Seed of leguminous plant Psoralea corylifolia Linn. (syn: Cullen corylifolium Linn.) is one of the most popular Traditional Chinese Medicine and officially listed in Chinese Pharmacopoeia. Bakuchi (P. corylifolia) is an annual herb growing throughout the plains of India. The plant is of immense biological importance, and it has been widely exploited since ages for its magical effect against several skin diseases, such as psoriasis, leukoderma, and leprosy. This plant is also pharmacologically studied for its chemoprotective, antioxidant, antimicrobial, and anti-inflammatory properties. This review attempts to highlight the available literature on P. corylifolia with respect to its ethnobotany, pharmacognostic characteristics, traditional uses, chemical constituents, and summary of its various pharmacologic activities and clinical effects. Other aspects, such as toxicology and precautions are also discussed. This will be helpful to create interest toward Bakuchi and may be useful in developing new formulations with more therapeutic and economical value.