Anacardium humile A.St.-Hil., commonly known as cajuzinho-do-cerrado, is a pseudo-fruit native to Brazil, where it remains relatively underutilized despite its potential for various applications. This review aims to explore the significant socioeconomic importance of cajuzinho-do-cerrado in Brazil, emphasizing its distinct chemical composition and functional potential. Notable bioactive compounds, including flavonoids, carotenoids, vitamin C, fibers, and phenolic compounds, are identified in the literature, highlighting the fruit's value as a functional food. Despite its increasing market potential and application in the food, cosmetic, and pharmaceutical industries, systematic information regarding its physicochemical properties, centesimal composition, and biological actions remains sparse. This study conducts a comprehensive review of the available data, aiming to elucidate the potential health benefits of cajuzinho-do-cerrado and its applications in promoting human well-being. The findings suggest that further phytochemical studies are necessary to fully understand the medicinal potential of this species. The implications of these findings underscore the need for continued research to support the diversification of fruit offerings to consumers and to enhance the utilization of cajuzinho-do-cerrado in various industries.