This review explores the neuroprotective potential of Ginkgo biloba extracts, particularly the standardized formulation EGb 761, through a pharmacognostic lens. With the global rise in neurodegenerative disorders such as Alzheimer’s, Parkinson’s, and ischemic stroke, there is an urgent need for safe, effective, and multi-targeted therapeutic options. The review begins by outlining the botanical characteristics, traditional uses, and global cultivation patterns of Ginkgo biloba, establishing its importance as a medicinal plant. It then examines a range of preclinical (in vitro and in vivo) and clinical studies, which collectively highlight the extract’s ability to enhance memory, reduce oxidative stress, lower inflammatory markers, and improve mitochondrial function. These effects are largely attributed to its active constituents—flavonoids (quercetin, kaempferol) and terpenoids (ginkgolides, bilobalide)—which exhibit antioxidant, anti-inflammatory, anti-apoptotic, and neurovascular actions. The review also presents key mechanisms of action, discusses findings from behavioural and biochemical assessments, and synthesizes the therapeutic relevance of Ginkgo biloba in both early and moderate stages of cognitive impairment. Despite promising results, challenges such as inconsistent clinical trial methodologies, limited long-term data, and a lack of head-to-head comparisons with conventional drugs are noted.