The freshwater Indian apple snail, Pila globosa (Swainson, 1822), is well adapted to the equatorial and tropical regions of the planet, where there are periods of heavy rain that are followed by dry spells. It is the most important biotic component of the ecosystem and a dominating member of its communities, making it crucial for the health of the ecosystem. It has a significant economic importance in the international trade market. The flesh of P. globosa is used in aquaculture and as a human protein supplement because of its high protein and low fat content, along with essential fatty acids. The shell of P. globosa is a good source of minerals, especially calcium. P. globosa has been employed in traditional medicinal practices to treat diseases like high blood pressure, heart disease, asthma, rickets, rheumatoid arthritis, osteoporosis, calcium metabolism, bleeding piles, constipation, diarrhoea, smallpox, syphilis, dizziness, anxiety, nervousness, urticaria, night blindness, and conjunctivitis. It is also used to regulate body temperature, to speed up wound healing, to treat circulatory issues, to revive virility and vitality, to treat weakness, and for vision improvement. P. globosa has antimicrobial, anti-inflammatory, anti-oxidative, anti-cancer, and immune boosting properties, and it can be a benefit to mankind. This review provides an overview of the ecological and economic importance, nutritional and ethno-medicinal values of the snail P. globosa.