Areca (Areca catechu L.) nut is a tropical plantation fruit cultivated mainly in South and Southeast Asia. As a chewing hobby, it has become the most common psychoactive substance in the world, besides tobacco, alcohol, and caffeine. Areca catechu contains abundant nutrients and active components such as alkaloids, polyphenols, polysaccharides, proteins, and vitamins, which have been reported to have anti‐inflammatory, antioxidant, antibacterial, anti‐depressant, anti‐hypertensive, anti‐fatigue, and other biological properties. However, at present, the resource utilization rate of the whole‐plant areca nut is low, which not only causes resource waste but also damages the environment. Establishing effective, safe, and environmentally friendly techniques and methods is necessary for the comprehensive utilization of A. catechu resources. In this review, we summarized the traditional and advanced methods for the extraction and identification of main bioactive substances in A. catechu and compared the advantages and disadvantages of these methods. Furthermore, the possible trends and perspectives for future use of A. catechu are also discussed. Our objective is to extend the application of this bioactive ingredient to improve the added value, provide valuable information for developing new A. catechu products and derivatives, and improve the comprehensive utilization of areca nut resources.