Coleus forskohlii syn. Plectranthus barbatus is a popular medicinal plant belonging to the family Lamiaceae and order Lamiales. The leaf and root extracts can be utilized for the treatment of various ailments like bronchitis, asthma, hay fever, angina and abdominal disorders. The major metabolite that is found exclusively in the cork cells of the root in C. forskohlii is forskolin, which is used commercially for the treatment of glaucoma, asthma and several heart ailments. The essential oil extracted from the tubers of the plant also exhibits anti-microbial properties. The present review recounts the existing reports on biotechnological approaches like direct, indirect organogenesis and somatic embryogenesis for mass propagation of plantlets; the amelioration of forskolin production through cell suspension and genetic transformation as well as slow growth storage for germplasm conservation. Additionally, the unexplored arenas and the prospective novel approaches are also addressed in this review that can be utilized in designing new experiments in near future on this plant.