The placenta is an organ that is discarded after childbirth. Recently, mesenchymal stem cells (MSCs) isolated from various parts of the placenta (PMSCs) are established as a rich, allogeneic, and sustainable source of MSCs in comparison to bone marrow MSCs (BM-MSCs). PMSCs can be banked postnatally for future autologous and allogeneic applications in the treatment of diseases. PMSCs can be categorized as an intermediary between BM-MSCs and embryonic stem cells (ESCs) as it is devoid of adverse aspects associated with the employment of ESCs accompanied with primitive and enhanced properties in comparison to BM-MSCs. PMSCs are employed in the treatment of various diseases including cancer, neurological, bone, and cardiovascular disorders. This utility of PMSCs is due to its superior inherent characteristics in comparison to BM-MSCs, which renders PMSCs more attractive for clinical translation. Herein, this review describes the superior inherent characteristics of PMSCS in contrast to BM-MSCs including accessibility, higher expansion abilities, enhanced immunomodulatory and immunosuppressive properties, ability to differentiate beyond mesodermal lineages, pathotropic and regenerative abilities, lower immunogenicity, and anti-cancer strategy that are correlated to its therapeutic application in the treatment of various diseases including corona virus infection started in 2019 in recent preclinical and preclinical studies.