Lupeol is a 6-6-6-6-5 fused pentacyclic lupane type triterpenoid present in different plants. Various medicinal properties of lupeol have been reported for the treatment of different types of cancer, tumor, ulcer, diabetis, various infectious diseases, cardiovascular diseases, wounds, arthritis, chronic inflammation etc. In this review, the medicinal properties of lupeol has been discussed. A useful procedure for the isolation of lupeol from the dried outer bark of Bombax ceibacommonly known as "Shimul"(in Bengali) and its detailed characterization has also been reported.