Carom leaves (Trachyspermum ammi), commonly known as Ajwain, are widely used in traditional medicine and culinary practices across Asia. Belonging to the family Apiaceae, the plant has been employed for centuries in the management of gastrointestinal, respiratory, and inflammatory disorders. This review compiles and critically discusses available literature on the nomenclature, botanical characteristics, nutritional composition, phytochemical constituents, pharmacological activities, and industrial applications of carom leaves. Major bioactive constituents such as thymol, carvacrol, and γ-terpinene are responsible for antimicrobial, antioxidant, anti-inflammatory, antispasmodic, cytotoxic, cardioprotective, and bronchodilatory effects. Nutritionally, the leaves provide essential oils, proteins, fibers, vitamins, and minerals. Industrially, they are used as natural preservatives, flavoring agents, and functional ingredients in food, pharmaceutical, and cosmetic formulations. Although preclinical studies strongly support their therapeutic potential, clinical validation remains limited. Future investigations should focus on controlled clinical trials, standardization of active constituents, and development of advanced delivery systems to enhance bioavailability.