Myristica fragrans or nutmeg is a ground spice of the family Myristicaceae. Its tree has dark leaves mainly cultivated in Grenada, Malaysia, and Kerala. It is majorly a source of two spices derived from its fruit: nutmeg (jaiphal) from its seed and mace (javitri) from the covering of seed. The important bioactive constituents present in nutmeg include macelignan, carvacrol, myristicin, β-caryophyllene, β-pinene, α-pinene, p-cymene, and eugenol. Low doses of nutmeg do not cause any side effects whereas after consuming 5g toxic overdose occurs, and central nervous system (CNS) effects were induced after consuming 1 to 2 mg/kg b.wt. of nutmeg. Various therapeutic or medicinal applications were shown by nutmeg such as antioxidant, antimicrobial, aphrodisiac, anticancer, hepatoprotective, anti-inflammatory, antidepressant, and cardioprotective activity. This review chapter focuses on ethnobotany, phytochemistry, acceptable daily intake, and different pharmacological actions of this medicinal plant.