Huperzia serrata (Thunb.ex Murray) Trev. has been used as a folk medicine in China for the treatment of fever, cold, swellings, menstruation, rheumatism, schizophrenia and myasthenia gravis for over one thousand years. Recently, it has been reported that the alkaloid, Huperzine A (Hup A), isolated from Huperzia serrata improved the learning and memory process and proven to be inhibitors of acetylcholinesterase enzyme and used for the treatment of Alzheimer’s disease and organophosphate poisoning in China. In USA and Europe, this plant is used as a dietary supplement to enhance cognition and neuroprotection. However, the plant has not been reported to be used in any system of Indian medicines, whereas it is commonly occurring in India. The present paper enumerates its various significant biological and phytochemical studies conducted in China. Further, it has been suggested that the Huperzia serrata, found in India, may also be investigated for its medicinal properties along with pharmacological and phytochemical evaluation. In addition, it may also be explored for its medicinal properties on the principles of the Indian Systems of Medicine like Ayurveda, Siddha, Unani and Homoeopathy for the treatment of Alzheimer’s disease.