Bioactive polyphenolic compounds derived from plants are being utilized for prevention of various chronic diseases including cancer and cardiovascular disorders. Quercetin, a potential poly-phenolic flavonol, found in onions, apples and berries, has been implicated against cancer proliferation, chronic inflammation and various other oxidative manifestations. Evidences suggested that quercetin negatively regulates the numerous crucial signaling pathways associated with life-threatening diseases. Major signaling pathways including NF-κB, MAPK, PI3K-AKT and mTOR are found to be regulated by quercetin. In addition, several patents have reported recently on quercetin derivatives describing wide therapeutic applications such as anticancer/antiproliferatory, antioxidative/antiaging, antiviral, anti-inflammatory, cardioprotective. Present review emphasizes the chemistry and sources of quercetin followed by description of its broad-spectrum therapeutic potential along with proposed mechanisms of action. Furthermore, this review also highlights the important modifications in the basic chemical structure of quercetin in terms of published patents. Insolubility of the bioactive compounds restricts their medicinal importance which could be overcome by modifications in the chemical structure of so-called derivatives. Most of the patents deal with the modifications in chemical structure of quercetin mainly at hydroxyl groups and C-6 and C-7 positions.