Abstract: Commiphora mukul possesses a vast ethnomedical history and represents a phytochemical reservoir of heuristic medical value. It plays a very important role in all these processes as a key ingredient of the treatment procedures. C. mukul contains wide numbers of phytochemical constituents i.e., flavonoid, terpenes, phytosterols etc. which have different biological activities like antimicrobial, anti inflammatory, anti carcinogenic activity and various other important medicinal properties. There is a need to review this plant in order to provide scientific proof for its application in traditional medicine system. Guggulsterone is a main active substance in gugulipid, an extract of the C. mukul, used to treat a variety of disorders in humans, including dyslipidemia, obesity and inflammation. In this review an effort was made to update the information on its phytochemicals and pharmacological properties.