Mucuna pruriens (MP), commonly known as the velvet bean, is an underutilized leguminous plant belonging to the Fabaceae family. This review explores its significant nutritional profile, characterized by high protein content (23–35%) and essential fatty acids, vitamins, and minerals. MP is most notable for its high concentration of L-DOPA, a precursor to dopamine, making it a vital natural resource for managing Parkinson’s disease and other neurological disorders. The plant exhibits a broad spectrum of pharmacological activities, including antioxidant, anti-inflammatory, anti-diabetic, neuroprotective, and aphrodisiac properties. Traditional applications span various cultures, particularly in Indian Ayurveda, where it is used to treat snakebites, infertility, and chronic pain. Despite its therapeutic potential and utility in sustainable agriculture as green manure, its use as a primary food source remains limited due to antinutritional factors like tannins and polyphenols. This paper synthesizes current knowledge on the phytochemical composition, extraction methods (such as Soxhlet extraction), and diverse clinical applications of MP while highlighting the need for further biotechnological research to fully exploit its medicinal and agronomic benefits.