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Natural product is an excellent candidate for alternative medicine for disease management. The bulb of <i>E. bulbosa</i> is one of the notable Iridaceae family with a variety therapeutic potential that is widely cultivated in Southeast Asia. The bulb has been used traditionally among the Dayak community as a folk medicine to treat several diseases like diabetes, breast cancer, nasal congestion, and fertility problems. The bulb is exceptionally rich in phytochemicals like phenolic and flavonoid derivatives, naphthalene, anthraquinone, and naphthoquinone. The electronic database was searched using various keywords, i.e., <i>E. bulbosa</i>, <i>E. americana</i>, <i>E. palmifolia</i>, <i>E. platifolia</i>, and others due to the interchangeably used scientific names of different countries. Scientific investigations revealed that various pharmacological activities were recorded from the bulb of <i>E. bulbosa</i> including anti-cancer, anti-diabetic, anti-bacterial, anti-fungi, anti-viral, anti-inflammatory, dermatological problems, anti-oxidant, and anti-fertility. The potential application of the bulb in the food industry and in animal nutrition was also discussed to demonstrate its great versatility. This is a compact study and is the first study to review the extensive pharmacological activities of the <i>E. bulbosa</i> bulb and its potential applications. The development of innovative food and pharma products from the bulb of <i>E. bulbosa</i> is of great interest.