Wonder berry, Emblica officinalis Gaertn., commonly known as Indian gooseberry or amla, is used in Ayurveda as a potent Rasaayana. The traditional system of medicine used almost all of its partsi.e.roots, leaves, stems but mostly it is known for astonishing properties of fruits. The fruit is used either alone or in combination with other plants to treat many ailments such as common cold and fever, as a diuretic, laxative, liver tonic, refrigerant, stomachic,restorative, alterative, antipyretic, anti-inflammatory, hairtonic, to prevent peptic ulcer and dyspepsia, and as a digestive. The present review gives an account of updated information on its phytochemical and pharmacological properties. Thefruit isrich in quercetin, phyllaemblic compounds, gallic acid, tannins, flavonoids, pectin and vitamin C and also contains various polyphenolic compounds. A wide range of phytochemical components including terpenoids, alkaloids, flavonoids and tannins have been shown to possess useful biological activities. In addition, experimental studies have shown that some of its phytochemicals such as gallic acid, ellagic acid, pyrogallol, some non-sesquiterpenoids, corilagin, geraniin,elaeocarpusin, and prodelphinidins B1 and B2 also possess anti-neoplastic effects. Preclinical studies have shown that amla possesses anti-pyretic, analgesic, cardioprotective, gastroprotective, anti-hypercholesterolemia, wound healing, hepatoprotective, chemopreventive, free radical scavenging, antioxidant, anti-inflammatory, anti-mutagenic and immunomodulatory properties. In view of its reported pharmacological properties and relative safety, it can be said that E. officinalis is a source of potential therapeutically useful products.