Chocolate is a confectionery product whose consumption has increased, particularly dark chocolate. Chocolate is produced with varying amounts of cocoa liquor (CL), cocoa butter (CB) and cocoa powder (CP). The main chocolate types are dark, milk and white. Processing steps for chocolate production are described, and nutritional compositions examined for benefits and risks to health. Chocolate processing comprises steps at farm level, initial industrial processing for production of CL, CB and CP (common for all chocolate types) and mixing with other ingredients (like milk and sugar differing according to chocolate type) for industrial chocolate processing. All chocolate types present similar processing levels, and none involve chemical processing. Nutritional profiles of chocolate products differ according to composition, e.g., dark chocolate contains more CL, and so a higher antioxidant capacity. Chocolate is an energy-dense food rich in bioactive compounds (polyphenols, alkaloids, amino acids). Studies have demonstrated benefits of moderate consumption in reducing cardiovascular risk and oxidative and inflammatory burden, improving cognitive functions, maintaining diversity in gut microbiota, among others. In our view, chocolate should not be classified as an ultra-processed food because of simple processing steps, limited ingredients, and being an important part of a healthy diet when consumed in moderation.