This review explores the potential of reviving and cultivating industrial hemp, hereafter hemp only, in Bangladesh, highlighting its historical background and current trends. Despite facing some global challenges, hemp significantly contributes to environmental suitability, economic development, and industrial growth. Different parts of hemp are useful for industrial purposes and some components of it are beneficial for health and ingredients for the drug industry as well, such as CBD oil. The review is based on information from published literature, thematic synthesis, comparative policy analysis, and in-person interviews with semi-structured questionnaires. A regulatory framework named “Ganja Mahal” was established over 150 years ago and functioned properly in Bangladesh; a similar model is also used in other hemp-growing countries worldwide. However, in Bangladesh, the cultivation of hemp is banned due to negative social attitudes and knowledge gaps. Even though hemp can generate vast employment opportunities in agriculture, processing, manufacturing, research, marketing, transportation, and retail sectors. The global market for hemp-derived products is rising gradually; reviving in Bangladesh will boost the country’s export earnings and could lead to a position as a prominent supplier of superior hemp goods. This review would apprise policymakers, scholars, and agricultural stakeholders of the importance of hemp in fostering sustainable development to achieve the United Nations' sustainable development goals.