All the living creatures on the earth are made up of the five elements of nature, i.e. the Earth, Water, Fire, Air and Space which are all together called as Panchabhootas and their health is affected by Tridoshas, viz., Vadha (air), Pitha (fire) and Kapha (Phlegm). The use of cow derived products has been mentioned in the Vedas and various researchers and scientists have found them to be rich source of essential elements as well as minerals and hormones. For this reason the use of Panchgavya (term used to describe five major substances obtained from cow that include: cow's urine, milk, ghee, curd and dung) and its products is gaining popularity. Panchgavya Therapy/Chikitsa (Cowpathy) has been proposed as an alternate prophylactic and therapeutic approach for sound livestock and poultry health along with safeguarding human health. Its antimicrobial properties have gained the attention of the medical and veterinary professionals. Copper is capable of destroying diseases and comprehensively act as an antidote; plays role in immune enhancement; capable of removing all the ill effects and imbalances in the body and requires special mention in the treatment of diabetes and cancer; in case of acquired immunodeficiency syndrome (AIDS) and as an antifungal agent. Cow urine concoction (CUC) is having anticonvulsant and hypoglycemic effects; and useful against liver disorders and fever; inflammations and anemia. Cow milk is considered as a healthy food and is found to be effective in curing fever and pain; tumors; diabetes; kidney disorders and weaknesses and importantly act as a medium to administer medicine. Milk has also got fungicidal properties; when used with leaves of medicinal herbs possess aphrodisiac property and milk fat has anticancer activities. Milk products viz. toned and skimmed milk; lassi, yoghurt, cottage cheese and khoa possess essential medicinal properties. Curd (dahi) is a blood purifier, and found useful in blood related problems; piles and gastro-intestinal disorders. Cow ghee has immunostimulatory properties. The application of cow dung to kill the germs of malaria and tuberculosis along with its antifungal properties require special mention. This review deals with all these versatile qualities of the components of panchgavya for safeguarding health of animals and humans.