Indian Pennywort (Centella asiatica (L.) Urban) is a traditional medicinal herb, used in various traditional medicine systems. It is a herbaceous perennial preferring a moist microclimate. C. asiatica has proven medicinal utility in wound healing, nerve-related ailments and has significant antibacterial and antioxidant activities. Its demand in the global market is on an increasing trend. Phytochemical analysis shows that it is rich in medicinally important asiatic acid, madecassic acid, asiaticoside, brahmoside centellin, centellicin and asiaticin, etc. C. asiatica is being collected from wild habitat and it endangers its existence, which emphasize its domestication. The crucial process in domestication is to identify genotypes that exhibit high herbage yield and enhanced biomolecule content. Production of bioactive compounds in medicinal herbs is significantly affected by genotypes and the place of cultivation. It is vital to screen and characterize the germplasm of C. asiatica for optimal commercial cultivation in specific environmental conditions. Various niche approaches were being reported for its sustainable cultivation. Various commercial products are on the market, including raw extracts to isolated phytochemicals, gel, powder, capsules, etc. Studies on the production of medicinally important phytochemicals through cell cultures of C. asiatica, which may be a key approach for its conservation in wild habitats. Hence, the future work may concentrate on the development of agro techniques for commercial cultivation, selection of suitable genotypes for various medicinal and industrial purposes, more insight into its medicinal properties and improving the efficiency of the medicinal properties through various formulations.