The sphenoid bone, an unpaired, irregular, and pneumatic (air-filled) component of the neurocranium, is a clinically important landmark, particularly in surgery and radiology. This bone is often regarded as one of the most complex bones of the skull. This literature review aims to compile peer-reviewed articles concerning the anatomy of the sphenoid bone while briefly exploring its clinical relevance. The sphenoid bone consists of a centrally positioned body containing the sphenoidal sinus, as well as three pairs of processes projecting from the body, namely the greater wings, lesser wings, and pterygoid processes. The sphenoid is closely associated with five cranial nerves (CNs II, III, IV, V1, V2, and VI) and is adjacent to the pituitary gland. The cavernous sinus, housing the internal carotid artery, lies laterally to the body of the sphenoid. Various neurological conditions, such as injury, inflammation, vascular malformations, aneurysms, and tumors, can either directly impact the sphenoid or occur in close proximity to it. A comprehensive understanding of the anatomy of the sphenoid is indispensable for diagnosing and planning the treatment of these conditions. Therefore, a detailed knowledge of the anatomy of the head, including the sphenoid, is essential in clinical practice. It ensures accurate diagnoses, safe surgical procedures, and effective management of diverse conditions affecting the skull, sinuses, brain, and adjacent structures. Inaccuracies or errors in the diagnosis or treatment of such conditions can lead to adverse patient outcomes, including various complications and delayed management of serious neurological conditions.