Terahertz (THz) spectroscopy is an emerging field for quality control of pharmaceuticals, which uses T-waves for detection. T-waves fall in between infrared and microwave radiations while possessing some of the characteristics of both. THz spectroscopy reveals its existence in between 0.1 and 10 THz. These radiations have the ability to penetrate a broad range of non-conductive materials and it is nonionizing. The first article stating the use of THz radiations was found in late 1960 for the generation of the astronomical images. This review essentially creates attention toward different forms and instrumentation of THz spectroscopy along with the updates for timely and upbeat pharmaceutical applications. The most frequently used technique is THz-TDS which has profoundly privileged applicability for the pharmaceuticals. The existing literature of THz spectroscopy further created albeit interest to explore the applications for future implementation in concern with the pharmaceuticals. The review critically outlines here all the pharmaceutical applications of THz spectroscopy including protein analyses, crystallinity studies, evaluating tablet films and coats, medicinal aging variations, and detection of illicit drugs, along with the advantages over traditional techniques. The other side of THz spectroscopy stating limitations is also studied and taken into the note to present here. This review is a genuine attempt to quote and crucially assess the possible as well as anticipated prospectives for the pharmaceuticals. The present article will further promote the awareness, opportunities, and scientific exploration of this exciting technology as THz spectroscopy.