Myristica fragrans Houtt is commonly known as “nutmeg”, it produces two spices: mace and nutmeg. Mace and nutmeg are strongly aromatic in nature and known as jowzabuwa and javetri/bisbasah respectively in the Unani system of medicine. M. fragrans was used as early as 700 BCE by Indian, however, ancient Greeks and Romans were not aware of it. Later Arab traders introduce M. fragrans into Europe followed by Portuguese and Dutch merchants. Mace is very useful medicine in the Unani system of medicine because of its therapeutic uses in salasal al-bawl (urinary incontinence), amrad-i-qalb (cardiac diseases), amrad-i-dimagh (central nervous system), zo’fe bah (sexual debility), amrad al-rahim (uterine diseases), and su-i-hazim (indigestion). The most important constituents of mace essential oil are α-pinene, sabinene, myrcene, limonene, 1,8-cineole, terpinen-4-ol, myristicin, γ-terpinene, and safrole. The seed and mace extract of nutmeg contain quite high tannins, flavonoids, and terpenoids. Mace has pharmacological functions such as antibacterial and antifungal, anti-inflammatory, analgesic, antidiarrhea, antioxidant, chemoprotective, neuropharmacologic, and antidiabetic properties. To explore the correlation between the traditional uses and the same proven by recent researches, a comprehensive review is highlighted in this paper. Further, pharmacological activities which are not reported in classical texts are also discussed