Nymphaea rubra Roxb. ex Andrews, a wild aquatic plant, is frequently seen under cultivation in home ponds in many villages of North Eastern part of India. The flowers of the plant are used for ornamental purposes, while rhizomes, young leaves and peduncle are used as food and vegetable. The proximate nutrient content of various parts of the plant has been determined and found to be quite high. The maximum amount of protein was recorded as 23.88 % of total dry weight. Since the species is gaining an importance in the local markets of North East India as food material, an organized effort for cultivation of this species is considered as important. In this paper, the importance of N. rubra other than the ornamental uses is being highlighted and emphasis is identified for the promotion of its cultivation for future food security.