Eremurus spectabilis M. Bieb., commonly known as the "foxtail lily," is a plant that is a member of the Xanthorrhoeaceae family. It is found in a variety of locations in Central and Western Asia, such as Afghanistan, Iran, Syria, and Turkey. Traditional medicine has long utilized E. spectabilis for its pharmacological properties, including antibacterial, antioxidant, cytotoxic, gastroprotective, and anti-inflammatory effects. Ethnobotanical research has indicated its use in treating dermatitis, diabetes, digestive issues, and inflammatory diseases. This review examines the therapeutic potential and phytochemical profile of E. spectabilis. The identification of thirty-five compounds that were isolated from the plant is given particular attention. Phenolic acids, terpenoids, flavonoids, and anthraquinones comprise these compounds. Furthermore, E. spectabilis was proven to be a source of essential nutrients, including polysaccharides, vitamins K, C, and D, as well as minerals like potassium (K), calcium (Ca), magnesium (Mg), iron (Fe), and copper (Cu). Despite its promising bioactivities, further research is needed to understand the underlying mechanisms, evaluate its full pharmacological potential, and assess the safety, efficacy, and appropriate dosing for clinical use.