Snake venom has developed over millions of years as a tool for capturing prey and defending against predators and other threats. Snake venom contains diverse proteins and peptides, which elicit a range of pathophysiological abnormalities including cytotoxic, neurotoxic, myotoxic, hemolytic and inflammatory effects in the victim, and cause severe morbidity. Although these venom proteins have significant pharmacological potential, many remain insufficiently explored for therapeutic applications. Therefore, this article critically reviews the attributes of selected toxic proteins, which make them suitable drugs for the well-being of mankind. Although these toxins have serious adverse effects on human health, research has shown that they can be modified to exhibit beneficial properties and serve as potential treatments for various diseases. In addition to being a model protein for drug development, the similarity in sequence and structure indicates that these toxic proteins can be used in protein replacement therapy to combat several human diseases. The article also addresses the challenges faced during the entire process, starting from the initial phase of choosing venom proteins to drug formulation. While nanotechnology-based formulations of snake venom-derived drugs exhibit promise across diverse therapeutic domains, additional research and development efforts on the different variants of these proteins are essential to fully unlock their clinical advantages and enhance their efficacy for disease treatment.