Hemp, often called as the plant of wonders, has bloomed in the field of extensive scientific research over the years, due to the numerous uses it possesses that are contributing to the ecology and economy respectively. Hemp (Cannabis sativa L.), also known as industrial hemp, is a plant from the family of Cannabaceae. It can be used in industries of ropes, fibres, food, textiles, as a building material, extracting oil with medicinal properties, paper and many more. Hemp lays an auspicious imprint on ecosystem by encouraging many ecological and biological mechanisms that govern the conservation and evolution of life itself. Hemp plays a vital role in phytoremediation. Hemp is one of the quickest CO2-to-biomass converters due to its rapid growth and development. Hemp has been shown to be an excellent carbon sink, capturing more CO2 per hectare than other commercial crops and even forests. As a result, we can conclude that hemp is extremely significant for environmental and agricultural preservation since it can effectively battle climate change and desertification processes. Thus, considering all the ecological and industrial benefits of hemp, India should significantly shift its focus on this wonder plant which could hike India’s agro-economy tremendously. The final scope of this review is to outline the superlative qualities of hemp in rejuvenating the agriculture in India, by serving not only as an industrial crop, but as a multipurpose crop which would boost India’s bio-economy and help ameliorate the natural agricultural sources, like soil, whose degradation is a hot topic to focus on in the ongoing era of agriculture.