L., widely recognized as saffron, is a high-value spice renowned for its culinary and medicinal applications. Cultivated primarily in regions like Iran, Greece, and India, saffron is derived from the red stigmas of the Crocus flower. Saffron's distinct aroma and therapeutic properties stem from its rich composition of volatile compounds, including terpene alcohols, terpenes, and their esters. Extensive research has highlighted saffron's diverse pharmacological effects, establishing its role as a potent agent in both traditional and modern medicine. Its bioactive components exhibit significant antioxidant, antimicrobial, anti-inflammatory, and antinociceptive activities. Furthermore, saffron has demonstrated promising potential in treating various conditions due to its anticonvulsant, antidepressant, antibacterial, antitumor, anticancer, antiaging, and antidiabetic properties. This review provides an in-depth analysis of saffron's chemical composition and wide-ranging health benefits. It explores the therapeutic potential of saffron in managing conditions such as neurodegenerative disorders (e.g., Alzheimer's and Parkinson's diseases), erectile dysfunction, cardiovascular diseases, liver diseases, pancreatic disorders, primary dysmenorrhea, gastrointestinal disorders (e.g., gastritis, peptic ulcers), and skin-related disorders. While saffron presents significant therapeutic promise, it is crucial to consider its toxicological profile. Although generally regarded as safe for human consumption in moderate quantities, high doses of saffron can lead to adverse effects. This review offers a comprehensive overview of saffron's bioactive constituents, therapeutic potential, and safety profile, emphasizing its significance as a multifaceted natural product with applications in food and medicine.