Over half of the drugs available in the market today originate from natural sources. Some diseases, including various forms of cancer, remain inadequately managed with the existing pharmaceuticals. Hence, it is crucial to explore new reservoirs of medicines for the future. The remarkable biological diversity found in the oceans holds promise for the discovery of lead compounds to address diseases with limited treatment options. A few marine-derived products have received approval from the United States Food and Drug Administration (US-FDA), primarily due to collaborative efforts involving academia and the pharmaceutical industry. Nonetheless, several challenges hinder the efficient and expedited development of drugs from marine sources. In India, the current landscape of marine pharmacology is in its early stages, but initiatives are underway to tap into the potential of this resource. This chapter provides an overview of the historical background and the imminent potential of marine pharmacology, including a glance at marine-sourced drugs approved by the US-FDA. It also briefly discusses the challenges in the field of marine pharmacology, its progress in India, and potential future prospects.