Elaeodendron is a genus of tiny trees, shrubs, vines, and herbs consisting of about 23 species. It is used in traditional medicine and has a wide range of pharmacological activities. From the plants in this genus, flavonoids, terpenoids, cardiac glycosides, and cardenolides have been isolated. Elaeodendron species have been the subject of numerous in vitro investigations; however, not many vivo studies are available. Preclinical investigations have also revealed antiviral, anti-HIV, anticancer, antiproliferative, antioxidant, antifungal, anti-inflammation, cytotoxic, anti-plasmodial, anti-arthritic, antibacterial, and anti-diabetic activities. Bioactive substances found in Elaedendron that function in a variety of ways are related to these biological processes. Several databases, including PubMed, Scopus, etc., were searched using keywords such as “Elaeodendron”, “chemical constituents”, “anti-cancer”, “anti-viral”, “pharmacology”, etc., to perform a comprehensive review of the current literature. In this sense, this review intends to provide the most recent developments in the ethnomedical use of Elaeodendron species, and their therapeutic benefits and bioactive compounds. Many species of this genus are reported to be toxic. To provide stronger scientific support for their conventional usage, more in vivo and clinical research for mechanism-based pharmacological evaluation as well as toxicological studies should be carried out in the future.