Ocimum basilicum belongs to the family Lamiaceae and can be found in tropical Asia, Africa, Central America and South America. It is widely cultivated commercially as a condiment or for the production of essential oil. In this review, this plant is accredited with important effects on health, in addition to being a condiment. In folk medicine it is used to treat vomiting, intestinal colic and diarrhea, menstrual pains and to improve kidney function. Some studies have demonstrated that it can be used for the treatment of hyperlipidemia and also that it has antioxidant, neuroprotective, anti-inflammatory and vasodilator properties as well as hepatoprotective effects. In view of its broad range of effects, further studies should be conducted to ascertain the possible use of this plant in clinical trials, not only for prevention but also as an adjuvant in the treatment of different diseases.