The Kashmir valley is well known for producing high quality of saffron (Crocus sativus L.) and represents one of the major saffron-producing areas of the world. Saffron has been traditionally used in preparation of indigenous medicines and also as a dye. The extracts of the parts of saffron plant is being used in cosmetics and in many drugs to cure different ailments. In present document the potential role of the saffron and its parts cultivated in Kashmir valley and the diseases like cancer to be cured from them are being discussed. Concerns on the low production rate due to urbanization and shrinking of the cultivated land and probable adoptions to be implemented to avoid the loss of economy are being discussed.