The tradition of using herbal drugs and herbal remedies for treating human ailments is very old. From last few years, the demand of herbal remedies has been increased. Myristica fragrans Houtt, commonly known as nutmeg, is a very common spice, which is used around the world. It is described in almost each medicine system such as Ayurveda, Siddha, Unani and folk system. It has wide range of fixed oils and essential oils in it for example myristicin, safrole, myristic acid, trimyristicin, eugenol, elimicin and meso-dihydroguaiaretic acid. Myristica fragrans Houttis well considered medicinal plant for its extraordinary properties like aphrodisiac, hepatoprotective, antimicrobial, anti-diabetic, anti-oxidant, anti-cancer etc. The review aim is to provide data/information related to medicinal herbal plant called Myristica fragrans such as its phytomedicinal value in traditional medicine systems like Ayurveda and folk system, its therapeutic uses and associated toxicity.