This review systematizes published data on the chemical composition, biological activities, and uses of the above-ground part of tarragon (Artemisia dracunculus L., Asteraceae family). Analysis of the pharmacological properties of tarragon showed that the most interesting items from the medicinal point of view were its abilities to influence brain function and gastrointestinal tract function and the presence of a broad spectrum of antimicrobial activity. The complexity and variety of the chemical composition of tarragon generates the needs to identify the main groups of biologically active substances, to specify the main measures of quality and raw material standardization methods, and to perform further pharmacological studies with the aim of developing new tarragon-based medicinal agents.