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The genus Ocimum comprises many species widely cultivated in different parts of the world for their pharmaceutical, neutraceutical and other commercial importance. Many biological activities such as antimicrobial, cytotoxic, anti-nociceptive, anti-inflammatory, hypoglycaemic, hepatoprotective and antioxidant have been ascribed to Ocimum, which can be linked to the occurrence of biologically active phytochemicals like phenolic acids, essential oil, flavonoids, and terpenes hence making it a potential source for discovery and development of novel drugs. The present review covers the successive advances in the traditional medicinal aspects, phytochemistry, bioactivities and the bioavailability of four Ocimumspecies, i.e., Ocimum basilicum L., Ocimum sanctum L., Ocimum gratissimum L. and Ocimum tenuiflorum L., to explore their applications in versatile industries. Furthermore, this thorough compilation will be used as a potential resource for further Ocimum-related medication development and research and to identify the research gaps to fill.