Ferulic acid (FA), a common plant compound, has been of great interest in recent years because of its multifaceted pharmacological activities. In this review, the pharmacological activity of ferulic acid has been thoroughly explored, encompassing its antioxidant, anti-inflammatory, antimicrobial, anticancer, neuroprotective, hepatoprotective, and cardioprotective, anti-diabetic, and photoprotective effects. The molecular mechanisms of these activities have been elaborately discussed, along with possible therapeutic potentials in different disease conditions. Recent developments in drug delivery systems to improve FA bioavailability and clinical trials assessing its efficacy are also discussed. Although with encouraging preclinical results, hurdles are still present in extensing these observations to clinical use, and additional research is required to maximally exploit the therapeutic potential of this strategic phytochemical.