Ocean covers about one-third of the earth and is considered as a vital natural resource. Seaweeds accompany a large areas of the ocean coastal area, which are considered as among the primary producers. Many seaweeds have food values and so many indigenous populations relay on them as their nutrient source. Besides, seaweeds are also rich in many bioactive compounds having pharmacological significance. Seaweeds contain higher number of proteins, vitamins, minerals, essential fatty acids, polysaccharides and so on. Gracilariopsis lemaniformis is a red sea alga and is also rich in bioactive compounds having medicinal values. In this review article, we focused on the pharmacological importance of this species based on recent updates of literature survey and we discussed here about its antimicrobial, antitumor, antidiabetic and antioxidant properties, which would demand its therapeutic relevance for future drug development.