Introduction: Asafoetida (Ferula asafoetida L.) is a monoecious, herbaceous, perennial plant of the Umbelliferae family, native to eastern Iran, central Asia, China. The roots of the asafoetida plant are used as a food source, and it has a prominent role in traditional medicine because of its anti-bacterial, anti-viral, carminative, sedative, anti-inflammatory and diuretic characteristics. Methods: The goal of this article is to survey the natural benefits and medicinal values of Asafoetida. A literature search was conducted using Google Scholar, PubMed, Science Direct, Springer, Medline, and Wiley Online Library from 1990 to October 2023. The keywords used were asafoetida, medicinal plants, anticancer, polysulfides, flavonol, natural products, and coumarins. Results: The study confirms asafoetida as an important source of components with remarkable bioactive and nutritional characteristics suitable for incorporation into functional foods. Asafoetida is an oleo gum resin obtaineded from the exudates of the plant roots. Its major and vital health advantages include decreased bloating and other stomach problems, and it aids in alleviating asthma, relieving menstrual pain, lowering blood pressure levels, reducing acne, reducing headaches. It has an anticancer impact, can act as an appropriate hair conditioner, improves brain health, and exerts antibacterial and antimicrobial activities. Analysis of asafoetida reveals its composition, including moisture, carbohydrates, minerals, protein and fiber. It contains different vitamins and mineral components including calcium as well as iron, carotene, and phosphorus. Asafoetida mainly contains resin, gum, and volatile oil. The odor of asafoetida is detected from the breath, flatus, gastric eructations, and secretions. It is difficult to eat it raw because of its bitter taste and strong smell. It occurs in three forms in commercial trade: paste, mass, and tears. Conclusions: Asafoetida has great medicinal importance, and more studies of asafoetida are needed. The active components of asafoetida can be used in combination as potent drugs, which may exert better impacts in comparison with other components.