Chalcone is a privileged species with medicinal significance as it consists of reactive ketoethylenic moiety-CO-CH=CH-belonging to flavonoids. The presence of a reactive α, β-unsaturated carbonyl function in chalcone and its derivatives is the reason for its pharmacological activities. Chalcones exhibit a wide spectrum of pharmacological effects such as antioxidant, antibacterial, anthelmintic, antiulcer, antiviral, insecticidal, antiprotozoal, anticancer, anti-Suzuki's reaction, etc. The purpose of this review is to focus on the methods of synthesis of chalcones and their versatile pharmacological activities.