The current production levels of the major staple food crops are not sufficient to fulfill the projected global food requirements, with more than 75% of total grain production being maize (corn), wheat, and rice together. Accordingly, there is an acute need to explore alternative crops such as amaranth with the potential to play a crucial role in sustainable agriculture and their use in nutrition-dense food products. Amaranth (Amaranthus spp.) is one of the oldest food crops in the world with broad leaves and inflorescence. It has a tolerance to drought and heat and is considered a smart crop. Amaranth is gluten-free and high in quality proteins, fiber, minerals, and bioactive compounds. The grains are processed by popping, flaking, and grinding for flour production which works well in blends with flours from other cereals. Besides nutritional value, amaranth grains keep religious importance in some countries. Even being a potential crop with substantial nutrient content amaranth grains remain underutilized as food. This article presents a critical overview of the nutritional composition, functionality, and processing technologies of amaranth grains and their utilization in different sustainable products. It also presents the effect of production on the composition and properties. Understanding the effect of processing technologies on the amaranth product functionality and nutritional value will assist in its utilization as a solution to alleviate food sustainability and food insecurity.