Recent scientific interest in Lotus (Nelumbo nucifera Gaertn.) has intensified due to its emerging recognition as a versatile herb with significant potential in India. Beyond its aesthetic appeal as an ornamental aquatic species, the lotus is notable for its unique biological and nutritional profile, which includes high levels of macronutrients, such as polysaccharides, and micronutrients, including Vitamin C, along with various bioactive compounds. These attributes contribute to its diverse applications in nutrition, medicine, and pharmaceuticals, as well as its ecological contributions through bioremediation and carbon sequestration. The strategic collection and study of lotus germplasm by ICAR-NBPGR underscore its importance. Consequently, the overarching goal of this article is to provide (a) cultivation status, ecological roles, nutritional value, therapeutic potential, genetic resource diversity, and efforts toward lotus conservation, and (b) to recognize the fundamental research and development status of the lotus in India.