Morchella esculenta, commonly known as yellow morels, is an edible and medicinal mushroom popular worldwide for its unique flavor and culinary purposes. The traditional medical system effectively uses morels against infertility, fatigue, cancer, muscular pain, cough, and cold. The M. esculenta possesses many health-promoting nutritional components such as mono and polyunsaturated fatty acids, polyphenols, protein hydrolysates, vitamins, amino acids and minerals. The potential medicinal properties of morels is due to polysaccharides (galactomannan, chitin, β-glucans, and β-1,3-1,6-glucan) present that has high economic importance worldwide. Polysaccharides present possess a broad spectrum of biological activities such as anti-cancer, anti-inflammatory, anti-microbial, anti-diabetic, and antioxidant. However, the toxicity and clinical trials to prove its safety and efficacy for medicinal uses are yet to be evaluated. Moreover, the separation, purification, identification, and structural elucidation of active compounds responsible for the unique flavors and biological activities are still lacking in M. esculenta. The available information provides a new base for future perspectives. It highlights the need for further studies of this potent medicinal mushroom species as a source of beneficial therapeutic drugs and nutraceutical supplements.