Jellyfish is a compartment in the marine food web that often achieves high increases of biomass and that it is starting to be explored for several human potential uses. In this paper, a recently rediscovered large jellyfish, Rhizostoma luteum, is studied for the first time to describe its organic compounds for the isolation and production of bioactive compounds in several fields of food, cosmetics, or biomedical industries. The biogeochemical composition (Carbon, Nitrogen and Sulfur content), protein and phenols content, together with their antioxidant activity, and the analysis of lipid content (identifying each of the fatty acids presented) was analyzed. The results presented here suggested this jellyfish has the highest antioxidant activity ever measured in a jellyfish, but also with high content in polyunsaturated fatty acids (PUFAs), including the essential fatty acid linoleic. The large natural biomass of Rhizostoma luteum in nature, the wide geographical spread, the fact that already its life cycle has been completed in captivity, establishes a promising positive association of this giant jellyfish species and the isolation of bioactive compounds for future use in marine biotechnology.