Background: Iris germanica (Haimvati), commonly known as Orris root, is a controversial Ayurvedic drug often correlated with Sveta Vacha. It is described in classical texts under Lekhaniya Mahakashaya and Mustadi Gana, yet remains underutilized due to ambiguity in identity and limited clinical validation. Methods: A narrative review was conducted using classical Ayurvedic texts, including Charaka Samhita, Sushruta Samhita, Ashtanga Hridaya, and various Nighantus, along with modern scientific literature. Data on botanical features, pharmacological actions, phytochemical constituents, and experimental evidence were critically analyzed. Results: Haimvati possesses Katu-Tikta rasa, Laghu-Tikshna guna, Ushna virya, and Katu vipaka, with actions such as Deepana, Pachana, Lekhana, Medhya, and Vamaka. The rhizome is the primary medicinal part. Phytochemical studies reveal isoflavonoids, flavonoids, iridal-type triterpenoids, and steroids as key constituents. Experimental studies demonstrate antioxidant, anti-inflammatory, neuroprotective, hypoglycaemic, hypolipidaemic, antimicrobial, and immunomodulatory activities. Conclusion: Haimvati shows promising therapeutic potential, particularly in metabolic and neurodegenerative disorders. However, insufficient clinical evidence and safety data limit its application. Further well-designed studies are required to establish its efficacy, safety, and standardization for modern therapeutic use.