Shankhpushpi (Convolvulus prostratus Linn.), an important indigenous herb of the family Convolvulaceae, occupies a remarkable position in the Indian system of medicine, particularly in Ayurveda, Siddha, and Unani traditions. Classified as a Medhya Rasayana—a rejuvenating drug for the brain and nervous system—it has been revered for centuries as an effective nervine tonic, memory enhancer, anxiolytic, and neuroprotective agent. The name “Shankhpushpi” is derived from its characteristic conch-shaped flowers (Shankha meaning conch, and Pushpi meaning flower). Traditionally, the plant has been employed to treat mental debility, insomnia, anxiety, epilepsy, hypertension, and various cognitive disorders. In the context of modern pharmacology, increasing attention has been directed toward its multifaceted actions on the central nervous system (CNS), validating its ancient claims through contemporary scientific exploration. The present review provides an exhaustive compilation of traditional, phytochemical, pharmacological, and clinical data available on Shankhpushpi with a focus on its mechanisms of action and therapeutic implications. Phytochemical investigations have identified several classes of bioactive compounds, including alkaloids (shankhapushpine, convolvine, convolamine, scopoletin), flavonoids (kaempferol, quercetin, myricetin), glycosides, coumarins, and fatty acids. These constituents are believed to act synergistically to produce diverse pharmacological effects such as nootropic, antioxidant, anticonvulsant, anxiolytic, and neuroprotective activities. Experimental studies have shown that Shankhpushpi enhances cholinergic transmission, upregulates acetylcholine levels in the brain, and improves synaptic plasticity, thereby facilitating learning and memory consolidation. It also modulates key neurotransmitters including serotonin, dopamine, and GABA, which collectively contribute to its mood-stabilizing and anxiolytic effects.