Ash gourd is sometimes known as wax gourd, and it’s scientific name is “Benincasa hispida,” also known as B. cerifera, and it is from the family- Cucurbitaece. B. hispida is said to be originated from Japan and Java, but it was widely cultivated in warm climates. It is one of the most well-known crops, farmed largely due to its fruits, and is known for its nutritional and therapeutic benefits, particularly in Asia. It’s a famous vegetable crop that was used both for nutrition and medicine. Volatile oils, flavonoids, saccharides, glycosides, vitamin, proteins, ß-sitosterin, minerals, carotenes, and uronic acid are among the major constituents of B. hispida fruits, according to phytochemical analysis. According to pharmacological studies, the pharmacological activities of this plant included central nervous effects (muscle relaxant, anxiolytic, antidepressant, in the Alzheimer’s disease treatment and to reduce opiates withdrawal symptoms), antioxidant tanalgesic, antiasthmatic, diuretic, antiinflammatory, hypolipidemic, antidiabetic, nephroprotective, and antimicrobial. B. hispida’s chemical constituents and pharmacological effects were highlighted in this review. This paper discusses the cultivation, nutritional and chemical content, as well as the medical and therapeutic properties of this versatile fruit as one of the potential sources of bioactives for functional foods, among other topics.