Musa species (Musaceae), commonly known as “banana”, are used as a folk medicine in India, Pakistan and some other southeast countries. It is also one of the medicinal plants used in the United States. Tasty and edible fruits of Musa sp. have been a food source for humans since centuries. Therefore, banana is cultivated particularly for its fruits in the world. In addition to its nutritional value, a number of biological activity studies have been carried out on banana and these studies showed that this food plant has possessed bioactivities including antidiabetic, antiulcerogenic, antitumoral, etc. The results have supported the hypothesis of its use in folk medicine against some disorders. However, further research is needed to identify the active components in banana extracts and to evaluate their biological activity potential. This manuscript contains all the important informations on banana which is very useful to students, Scientists, Research Scholars and Economists.