Stevia rebaudiana which is commonly known as sweet leaf herb is used to extract non caloric sweet steviol glycosides. Thus based on available reports, an attempt has been made to review on Stevia rebaudiana, its chemical composition, biosynthesis of steviol glycosides, application, cultivation, and phytochemical screening in context of its medicinal and pharmaceutical importance.A literature search was conducted on the web using Google Scholar and PubMed as search platforms. More than two-thirds of the references are within the last fifteen years.According to the literature, S. rebaudiana leaves contain non caloric steviol glycosides as well as pharmaceutically significant other phytochemicals. Miccropropagation is the most effective method for overcoming the limitations of traditional propagation methods. In vitro cultures have the potential to extract important phytochemicals used in the pharmaceutical, food (flavoring agents, food additives), and perfume industries.