The present review aims to highlight the nutraceutical property of Euryale ferox Salisb. This plant is also commonly known as prickly waterlily or Gorgon plant or Foxnut. It is an aquatic macrophytic plant that belongs to the Nymphaeaceae family. Nutraceuticals can be defined as substances that are food or part of a food that provides health benefits and are used for the mitigation or treatment of a disease. Euryale ferox Salisb seed contains a wide range of nutrients including carbohydrates, protein, minerals, and fats. The protein present in seeds of Euryale contains a unique composition of amino acids and also has a high Essential Amino Acid Index (EAAI). Besides the nutritional superior quality, the Euryale ferox Salisb whole plant parts have reported for many ethnomedicinal properties. They are being used in the treatment of diseases including chronic diarrhea, kidney problems, excessive leucorrhea, and hypofunction of the spleen in traditional medicine. The pharmaceutical properties of Euryale ferox Salisb have been scientifically validated by many researchers. The plants have been reported to have antioxidant, antidiabetic, antidepressant, anticancer, cardioprotective, hepatoprotective, etc. Therefore, Euryale ferox Salisb seed will be a potential candidate/ingredient for the formulation of nutraceutical/functional foods. And this present review will be helpful in understanding the economic importance Euryale ferox Salisb in the food industry.