Bamboo, an important natural resource claiming great significance in the socioeconomic, cultural, ecological and functional context. It grows rapidly, matures in a short period with high yield and sprouts new shoots after every harvest. It is easily manageable, long lasting and environment-enhancing versatile resource. Its high strength, elasticity, wear resisting and other mechanical characteristics establish certify it as a commercially viable raw material for industries. Apart from its traditional uses, Bamboo can substitute not only wood, but also other high-priced materials in structural and product applications. The paper presents an account of potential and opportunities of bamboo in scientific and engineering innovations for harnessing bamboo based technologies in modern industrial development.