Myricetin (3,5,7,3′,4′,5′ -hexahydroxyflavone), a common dietary flavonoid, has been reported for its roles in improving health due to various pharmacological activities, such as antioxidant, antimicrobial, anti-inflammatory, analgesic, antitumor, hepatoprotective, and antidiabetic. Myricetin has also been shown to have a broad spectrum of antiviral effects against a variety of viruses including Rauscher murine leukemia virus (RLV), human immunodeficiency virus (HIV), Coxsackie virus, Ebolavirus, Zika virus, herpes simplex virus (HSV-1 and HSV-2), dengue virus, murine norovirus, infectious bronchitis virus, African swine fever virus, and both DNA polymerase α and DNA polymerase I. Intensive research suggests that the remarkable potential of myricetin in promoting either the prevention or overcoming of SARS-CoV-2 infection is due to the wide range of its effects on SARS-COV-2 proteases, including modulation of inflammatory processes and immune responses. In silico and in vitro studies demonstrated that myricetin can effectively interfere at various stages of viral infection, including the coronavirus entry and replication cycle due to its high-binding affinity with S-protein, ACE2 receptor, PLpro, Mpro, RdRp, exonuclease, and endoribonuclease. Based on the findings discussed in this review, myricetin, its glycosides, and dihydromyricetin, can be considered as multi-targeted agents having beneficial effects in combatting COVID-19.