<p>Endophytes have significant prospects for applications beyond their existing utilization in agriculture and the natural sciences. They form an endosymbiotic relationship with plants by colonizing the root tissues without detrimental effects. These endophytes comprise several microorganisms, including bacteria and fungi. They act as repositories of compounds of medicinal importance. They are considered sources of pigments besides synthetic dyes and assist with soil fertility and plant growth as bio-fertilizers. They also have immense potential for advanced technology using endophyte-synthesized nanoparticles. In assisting bioremediation, they facilitate detoxification of pollutants in all spheres of the environment. Studies on the potential of endophytic microbes in drug discovery and biotic stress management are underway. In this review, published databases on endophytes and their diverse roles and applications in various fields, such as bio-fertilizers and nanoparticles, as well as bioremediation, are critically discussed while exploring unanswered questions. In addition, future perspectives on endosymbiotic microorganisms and their prospective use in plants, environmental management, and medicine are discussed in this review.</p> Graphical abstract <p></p>