Herbal nutraceuticals are foods derived from plants and/or their derivatives, such as oils, roots, seeds, berries, or flowers, that support wellness and combat acute and chronic ailments induced by unhealthful dietary habits. The current review enlists various traditional as well as unexplored herbs including angelica, burnet, caraway, laurel, parsley, yarrow, and zedoary, which are rich sources of bioactive components, such as aloesin, angelicin, trans-anethole, and cholesteric-7-en-3β-ol. The review further compares some of the extraction and purification techniques, namely, Soxhlet extraction, ultrasound assisted extraction, microwave assisted extraction, supercritical fluid extraction, accelerated solvent extraction, hydro-distillation extraction, ultra-high-pressure extraction, enzyme assisted extraction, pulsed electric field extraction, bio affinity chromatography, cell membrane chromatography, and ligand fishing. Herbal nutraceuticals can be purchased in varied formulations, such as capsules, pills, powders, liquids, and gels. Some of the formulations currently available on the market are discussed here. Further, the significance of herbal nutraceuticals in prevention and cure of diseases, such as diabetes, obesity, dementia, hypertension, and hypercholesterolemia; and as immunomodulators and antimicrobial agents has been discussed. Noteworthy, the inappropriate use of these herbal nutraceuticals can lead to hepatotoxicity, pulmonary toxicity, cytotoxicity, carcinogenicity, nephrotoxicity, hematotoxicity, and cardiac toxicity. Hence, this review concludes with a discussion of various regulatory aspects undertaken by the government agencies in order to minimize the adverse effects associated with herbal nutraceuticals.