Saffron, the dried, dark-red stigmata of Crocus sativus L., is the most expensive spice in the world, currently selling for over $2,000/kg. Used for flavoring and coloring food, saffron is also being investigated as an anti-cancer agent, but low productivity (6 kg saffron/hectare) limits availability. New technologies, such as in vitro tissue cultures, are being developed for their utility in increasing the amounts of crocin, crocetin, picrocrocin, and safranal, the main constituents of saffron. Additionally, saffron's pharmacological properties have also been the focus of extensive research. We review the recent advances of the past decade to better understand the growth and physiology of Crocus sativas L. as well as the pharmacological properties of saffron secondary metabolites.