Diabetes is a chronic metabolic disease that creates high blood sugar level. Therefore, diabetes awareness is necessary to prevent diabetes by reducing sugar intake and using low-calorie alternative sweeteners instead. Stevia rebaudiana is a medicinal plant species belonging to the Compositae family. It is a sweet herb that contains diterpene glycosides, which are directly responsible for the sweet taste, but they have no caloric value. Since ancient times, there have been several reports on the use of S. rebaudiana as an alternative sweetener and extended research has been conducted on its phytochemicals and biological activities. The plant contains a good number of phytochemicals with significant biological activities, namely polyphenolic derivatives, diterpenes glycosides, alkaloids, glycosides, tannins, chlorophylls, carotenoids, etc. For industrial use, those phytochemicals could be extracted from the selected plant and used for the preparation of nutraceuticals and food additives. S. rebaudiana is a natural herb; therefore, it has fewer or minimal adverse effects on human health. The selected plant in various forms is used for the treatment of diabetes, colon cancer, obesity, cavities, and others. However, the literature review shows that the information on this plant and its uses is not systematic. The purpose of the present review is to explore the status of phytochemicals and biological activities of the selected plant for young researchers. Therefore, the updated data will help them to develop new nutraceuticals and food additives that could help in the production of pharmaceuticals to treat different ailments.