Borassus flabellifer L. the state tree of Tamil Nadu, offers a wide range of ecological, medicinal, economical and sociological benefits. This hardy palm species is highly resilient, capable of withstanding adverse climatic conditions and natural calamities. Nearly, every part of the Palmyrah palm is utilized, making it one of the most resourceful species. Importantly, it plays a role in mitigating climate change through significant carbon sequestration. The cultivation and maintenance of Palmyrah palm improves the local, National and International ecosystem through carbon sequestration. Furthermore, B. flabellifer exhibits various pharmaceutical and nutraceutical activities like anti-inflammatory, anti-arthritic, cytotoxic, antibacterial, analgesic, hypoglycaemic, antipyretic and antioxidant activity. This review provides an overview of Palmyrah’s potential contributions to climate change mitigation and its pharmaceutical benefits.