ABSTRACT Musa paradisiaca and Musa sapientum are among the most prevalent medicinal plants of the genus Musa (Musaceae family) that have therapeutic potential, as indicated by preclinical evidence, against Diabetes mellitus , hypercholesterolemia, microbial infections, hyperlipidemia, inflammation, and oxidative stress. Over the past few decades, both Musa species have been utilized in ethnomedicinal practices to manage symptoms of diarrhea, epilepsy, diabetes, dysentery, ulcers, and hair loss, without a clear understanding of their mode of action and the phytochemicals responsible for these effects. Different plant parts (roots, fruits, peels, stems, bracts, flowers, and inflorescences) contain numerous phytochemicals, such as flavonoids, alkaloids, saponins, essential oils, vitamins, gallic acid, syringin, and caffeic acid, which are responsible for their pharmacological properties. This review presents a comparative study of phytochemistry and various pharmacological properties, including antidiabetic, antioxidant, and anti‐inflammatory effects, of different parts of M. sapientum and M. paradisiaca . This review aims to provide a comprehensive understanding of the pharmacological activities of these plants and help scientists gain a thorough knowledge of the multipurpose plants as potential substitutes for synthetic drugs in the future.