The extensive research in cultivation of the prodigious mushroom species, that is, Cordyceps, has developed a mammoth in the scientific world because of the various properties possessed by this fungus species. Cordyceps spp. consist of mushrooms that have been classified into the group of Ascomycota and has been used in Asia widely since centuries due to its medicinal properties mainly by stimulating the immune system and reducing fatigue in humans. Cordyceps militaris has been accredited to possess a number of medicinal properties, some of which are anti-tumor, anti-inflammatory, anti-fungal, anti-bacterial, anti-viral, hypoglycemic, anti-malarial, neuroprotective, hypopolipidemic, immune protective, antioxidant and prosexual. Some other medicinal properties of Cordyceps spp mentioned are anti-cancer, anti-angiogenic, apoptosis induction, anti-proliferative, antimetastatic, anti-fibrotic, steroidogenesis, anti-hypertensive, anti-arteriosclerosis, antidiabetic, antithrombotic, anti-asthmatic, anti-aging and spermatogenic. This review focuses on studies spotlighting the research and development that has been conducted with respect to the two species of Cordyceps, i.e., C.sinensis and C.militaris, their biological composition, cultivation and production, traditional uses, phytochemistry and pharmacology, their role in serving as a potential champion in booming the Indian economy via meeting their increased demand around the globe.