Oliveria decumbens is a folkloric medicinal plant belonging to the Apiaceae family, traditionally utilized to treat various diseases like gastrointestinal disorders, fever, and wounds. This review aims to provide a comprehensive overview of the plant's phytochemical composition and biological properties, with potential implications for various industries and avenues of further research. The data presented here has been compiled through searches utilizing the keyword "Oliveria" across scientific databases such as PubMed, Web of Science, Scopus, ScienceDirect, and SciFinder. Carvacrol and thymol have been identified as the primary volatile constituents, though the complete profile of the plant extract remains to be fully elucidated. Notably, Oliveria decumbens essential oil exhibits significant antibacterial, antifungal, antioxidant, and anticancer properties. Additionally, the plant extract demonstrates promising antiprotozoal, antiviral, hepatoprotective, and immunostimulant effects, although these findings are primarily derived from preliminary studies. While in vitro and in vivo investigations have validated some traditional uses of O. decumbens, further pre‐clinical testing is warranted to ascertain both efficacy and safety profiles. Moreover, the identification of specific components within the plant extract is crucial for a more comprehensive understanding of the mechanisms of action underlying its therapeutic properties within the realm of phytomedicine.