Mandookaparni is used as a "Medhya Rasayana" and in the treatment of skin and mental ailments as recommended by Ayurveda. In many parts of India, it is used as a substitute of Brahmi (Bacopa monnjera). Its nootropic (nourishment effects on nervous tissue) and immunomodulatory activities have been well investigated. Comparative studies between Mandukaparni and Brahmi have shown it similar to Brahmi in action. However, it is more gentle as compared to latter, as regards to its effect on brain and nervous tissue.
The plant is reported to contain various alkaloids, glycosides, sterols, tannins, sugars and inorganic salts. It also contains amino acids like aspartic acid, glycine, glutamic acid etc. Ash contains chloride, sulfate, phosphate, iron, calcium, magnesium, sodium and potassium.