Surah Al-Fatiha 
 Surah Fatiha is the first chapter of the Quran. Its seven ayat (verses) are a prayer for God’s guidance, and stress His Lordship and Mercy. This chapter has an essential role in Salaat (daily prayer).
Translation:

   1 In the name of Allah (God), the Most Gracious, the Most Merciful.
   2 All the praise is due to Allah, Lord of the worlds (universe).
   3 The Most Beneficent, the Most Merciful
   4 Lord of the Day of Judgment.
   5 You (Alone) we worship, and You (Alone) we ask for help.
   6 Guide us to the Straight Path.
   7 The path of those You have blessed, not (the path) of those who earned Your Anger, nor of those who went astray.

The Greatest Surah
Al-Fatiha
The popular names of this Surah are the following:
 
    Al-Fatihah (The Opening) – It is named Al-Fatihah, the Opening – because it opens the Book and by it the recitation in prayer commences.

    Umm al-Quran (Mother of the Quran) – According to At-Tirmidhi on the authority of Abu Hurayrah that the Messenger of Allah (sallallahu ‘alayhi wa sallam) said, “The chapter commencing with] “All praises and thanks are due to Allah the Lord of the Worlds” is the Mother of the Quran, the Mother of the Book, the Seven Oft Repeated Verses and the Great Quran.” Ibn Jarir at-Tabari said that it was named so because the meaning of the entire Quran is summarized therein. The Arabs named anything that concisely summarizes something or comprises its most important part, Umm, or Mother.

    Umm al-Kitab (Mother of the Book) – Al-Bukhari said in the beginning of the Book of Tafsir in his Sahih: “It is named Umm al-Quran because it is the first chapter written in the Quranic texts and the recitation in prayer commences with it.”

    Sab’ul-Mathani (The Seven Oft Repeated Verses) – It is also named Sab’ul-Mathani, the Seven Oft Repeated Verses, because they are frequently recited and indeed recited in every rakaah of the prayer. Allah says in the Quran:

“And indeed, We have bestowed upon you seven of Al-Mathani (the seven repeatedly recited Verses), (i.e. Surat Al-Fatiha) and the Grand Quran. [Quran: Surah Al-Hijr (87)]”

    Al-Hamd (Praises to Allah) – It is also named Al-Hamd, the Praise, because it contains mention of hamd just as Al-Baqarah is named so because it contains mention of the cow. Some scholars also gave the reasoning that Al-Hamd comprises heart of Al-Fatihah.

    As-Salah (The Prayer) – It is named the Prayer because its recitation is a condition for the validity of the prayer.

    Ash-Shifa – It is also named Ash-Shifa’, the Cure, due to what Ad-Darimi reports on the authority of Abu Sa’id that the Messenger of Allah (sallallahu ‘alayhi wa sallam) said: “The Opening of the Book is a cure to every poison.”

    Ar-Ruqyah – It is also named Ar-Ruqya, the Spiritual Cure due to the hadith of Abu Sa’id reported by Bukhari that after he had recited it to cure a person who had been bitten by a scorpion, the Messenger of Allah (sallallahu ‘alayhi wa sallam) asked him, “…And what made you to know that it was a ruqya.”

    Asas al-Quran (the Foundation of the Quran) – Ash-Sha’bi records on the authority of Ibn Abbas that he named it , and that he said, “The foundation of Al-Fatihah is, “Bismillah…” (with the Name of Allah, the All-Merciful, the Most Merciful.)

  
 Hadees on Importance and Rewards of Reciting Surah Al-Fatiha

Surah Fatiha

 The Prophet sallallahu alayhi wa sallam said: whoever does not recite Surah Al-fatihah in his prayer his prayer is invalid. (Reported by Al-Bukhari) 

“Once a group of Companions were in an expedition (ghazwa) when they happened to come across an epileptic person, who was unconscious. One of the Companions recited Surah Al-Fatiha and blew in his ear. The epileptic person immediately cured. When Sayyidana Muhammad (salAllahu alayhi wasalam) was informed of this, he said: “It (Surah Al-Fatiha) is “The Mother of the Qur’an” (Umm al-Qur’an) and is a cure for every disease.” [Tafseer Mazhari 1:31]

Ahmad records on the authority of Abu Sa’ad ibn Al-Mu’alla who said (in part of the hadith) that the Prophet (sallallahu ‘alayhi wa sallam) said,

    “…I will teach a Surah which is the greatest Surah in the Quran before you leave the Masjid.’ Then he took hold of my hand and when he intended to leave [the Masjid], I asked him, “Did you not say that you would teach me a Surah which is the greatest Surah in the Qur’an?” He replied, ‘Yes. It is [the Surah commencing with], “All praise and thanks are due to Allah.” It is the Seven Oft-Repeated verses and the Great Qur’an that has been given to me.’ “
An-Nisai records on the authority of Anas that the prophet said,

    “Should I not inform you of the most noble and excellent part of the Quran?” He then recited “All praise and thanks are due to Allah, the Lord of the Worlds”

Benifits of Surah Al-Fatiha;

Surah Fatiha is a cure from every illness
The reciter’s poverty is removed
The reciter’s debt will be cleared miraculously
The reciter’s disease will be cured
The reciter cannot be overpowered or vulnerable
The reciter’s enemy will become fearful
The reciter’s friends will be friendlier
Recite Surah Al Fatiha and reap your rewards!