Ayurvedic medicine, originating from historical Indian customs, is a comprehensive and revered treatment approach that recognizes the inter-connectedness of the body, mind, and spirit. Hedychium spicatum Buch-Ham (Zingiberaceae), sometimes called spiked ginger lily, is distributed throughout the Himalayan area. The rhizome contains around 4% essential oil, and its phytochemical analysis has revealed the existence of many terpenoids, including monoterpenoids, sesquiterpenoids, and diterpenoids. The rhizomes of Hedychium spicatum Buch. Ham are conventionally employed for treating pain, inflammation, asthma, respiratory problems, and fevers, tranquilizing, lowering blood pressure, reducing spasms, depressing the central nervous system, alleviating pain, reducing inflammation, acting as an antihistamine, fighting against microbes, acting as an antioxidant, combating fungal infections, eliminating lice, and exhibiting toxic effects on cells. Hedychium spicatum Buch-Ham is a rhizomatous plant utilized in the pharmaceutical, culinary, cosmetic, and fragrance sectors. This review article will provide a concise overview of many features of Hedychium spicatum, including its pharmacological effect and bioactive components.