It is the member of Iridaceae family (Liliales, monocots) whose genomes are relatively large and are poorly characterized. Among the 85 species belonging to genus Crocus, saffron is the most fascinating and intriguing species. Saffron, Crocus sativus L., is a sterile triploid plant that is naturally propagated by daughter corms developed on mother corms. The intense orange color of saffron hints of its medical nature. Saffron is known for its possible therapeutic effect on cancer, recently received scientific recognition as a potential source of new medicines. The principal pigment of saffron is crocin, safranal, glycoside picrocrocin, crocetin, besides these, a new class of defense chitinase namely Safchia A has recently been isolated from saffron. There has been little success in enhancing the levels of these bioactive molecules of commercial importance. It has been observed that this plant represents variegated blend of genetically heterogeneous forms-clones and it is possible to create a new high yielding cultivars of this plant on the basis of clonal selection, mutation and polyploidy. The decrease of land surface dedicated to saffron crop in many areas has possibly resulted in corresponding genetic erosion that adds up to the limited genetic variation suspected for C. sativus due to its sterile habit. Thus, the situation seems dramatic at present time and compromises any attempt of genetic improvement regarding this highly-valued crop. In recent years, there is increasing interest to explants tissue culture and genetic engineering techniques for propagation and genetic improvement of saffron. Tissue culture is useful method for large scale production of pathogen free corms. Induction of callus and subsequent regeneration of plants is suggested as possible means of introducing new variation. In vitrotissue culture for product formation their utility in increasing the amount of crocin, picrocrocin and safranal. Selection at cellular level is likely to help in isolating cell lines rich in these three chemical compounds which account for popularity of saffron stigma.