Ficus auriculata (Timla) is an underutilized wild fruit compared to the more commonly consumed fruit of the same genus, Ficus carica (Anjeer). This review focuses on the industrial and pharmaceutical benefits of F. auriculata while highlighting its potential as a valuable alternative to F. carica. Based on the vast literature found in Scopus database, both fruits have significant nutritional and medicinal value; however, due to the rarity and lack of widespread knowledge, F. auriculata still remains underutilized, unlike F. carica, which is well known and more popular in the human diet. In terms of nutrition, F. auriculata is superior in various aspects like protein (3–5.32%), magnesium (68.0 mg/100 g), potassium (329.0 mg/100 g), and iron (5.0 mg/100 g). As a result, it plays a pivotal role for addressing nutrient deficiencies. Besides, it has rich history of many noteworthy applications in traditional remedies which are also recognized in modern pharmaceutical research. This could be attributed to the presence of phytocompounds. Ficus auriculata needs to be promoted, not only as a nutritional addition to the plate but also as an economically viable fruit. Based on its considerable potential, it is possible that F. auriculata can also be used as an alternative to F. carica; however, further research and promotion of the benefits of F. auriculata could help to increase its utilization and provide additional health and economic benefits to communities. Moreover, omics technologies based comprehensive study of fruits can assist in the identification of bioactive metabolites, nutritional content, and possible health benefits. It offers insights into the genetic composition, gene expression patterns, protein activities, and metabolic pathways of fruits thereby revealing the mechanisms driving flavor, color, and disease resistance.