Araticum (Annona crassiflora Mart.) is a native and endemic species to Brazilian Cerrado whose fruits have high sensorial, nutritional, bioactive, and economic potential. Its use in local folk medicine, associated with recent scientific findings, has attracted growing interest from different industrial sectors. Therefore, understanding the scientific advances achieved so far and identifying gaps to be filled is essential to direct future studies and transform accumulated knowledge into innovative technologies and products. In this review, we summarize the phytochemical composition, bioactivities, and food products from araticum fruit that have been reported in the scientific literature over the past 10 years. The compiled data showed that araticum fruit parts contain a wide range of bioactive compounds, particularly phenolic compounds, alkaloids, annonaceous acetogenins, carotenoids, phytosterols, and tocols. These phytochemicals contribute to different biological activities verified in araticum fruit extracts/fractions, including antioxidant, anti-inflammatory, anti-Alzheimer, anticancer, antidiabetic, anti-obesity, antidyslipidemic, antinociceptive, hepatoprotective, healing of the cutaneous wound, antibacterial, and insecticide effects. Despite the promising findings, further studies—particularly toxicological (especially, with byproducts), pre-clinical, and clinical trials—must be conducted to confirm these biological effects in humans and assure the safety and well-being of consumers.