Cancer is the second leading cause of deaths worldwide, while it finds the top spot in diseases which still are not 100% curable. In the past few decades, a great deal of progress has been made in discovering new chemical entities, which enables us to understand the cause of cancer at cellular and molecular levels. In this regard, one of the naturally occurring triterpenoid class of compounds known as boswellic acids (BAs), have shown great potential for the development of new anticancer drugs. The interest in these type of triterpenoids has augmented since molecules such as NVX-207 and CDDO-Me have reached clinical trials. The alcoholic extract of the gum has also undergone clinical trials for the treatment of endotoxin induced hepatitis. Recently, the use of boswellic acid as well as its semi synthetic derivatives to treat cancer had been considered as an emerging concept in oncology as these have garnered considerable attention as a chemo-preventive and therapeutic agent in cancer.