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Gum katira polysaccharide is biocompatible and non-toxic, and has antioxidant, anti-microbial, and immunomodulatory properties. It is a natural polysaccharide and exudate derived from the stem bark of <i>Cochlospermum reliogosum</i> Linn. Additionally, it has many traditional medicinal uses as a sedative and for the treatment of jaundice, gonorrhea, syphilis, and stomach ailments. This article provides an overview of gum katira, including its extraction, separation, purification, and physiochemical properties and details of its characterization and pharmacognostic features. This paper takes an in-depth look at the synthetic methods used to modify gum katira, such as carboxymethylation and grafting triggered by free radicals. Furthermore, this review provides an overview of its industrial and phytopharmacological applications for drug delivery and heavy metal and dye removal, its biological activities, its use in food, and the potential use of gum katira derivatives and their industrial applications. We believe researchers will find this paper useful for developing techniques to modify gum katira polysaccharides to meet future demands.