Cotton is one of the most important commercial crops of the world valued for its fibre, oil and other byproducts. The main product of the cotton plant is fibres - their qualitative characteristics have been valued and analyzed over many centuries and multipurpose crop having many economic uses. It belongs to the genus Gossypium under the family Malvaceae. The genus comprises 50 species, only four of which are cultivated. Out of these four species, G. arboreum L. and G. herbaceum L. are diploids (2n=26), and are called Old world cotton while the other two species G. hirsutum L. and G. barbadense L. are tetraploids (2n=52) and are known as New world cotton. Today, G. hirsutum and G. barbadense are the major cultivated cotton species, with G. hirsutum accounting for 90% of world production. G. barbadense represents approximately 5% of world fibre production. But here, this paper is useful to pharmaceutical universities and industries for more detailed investigation in the aspect of its important medicinal constituents and this plant is also useful as remedy for various type of disease hence the farmers will be advise to cultivate this plant at large scale to have dual benefits such as fibres and medicinal uses.