High nutrient variability and food security are the needs of the hour. Millets may be as effective as other cereal crops for dealing with severe malnutrition and increasing global population problems. Due to their physiologically active components, millets have attracted more research interest. Finger millet (FM), one of the climate‐resilient and minor cereal crop species, is well known for several health benefits, primarily attributed to its nutritional value and polyphenolic content. FM seed coat phenolics exhibit excellent anti‐diabetic, anti‐oxidant, antimicrobial, anti‐osteoporosis, wound healing, anti‐lithiatic, inhibiting collagen glycation, cross‐linking, and enzyme properties, which may serve well for the pharmacological purposes. Furthermore, the processing of FM is an important factor in its commercial use. It is necessary to invent some novel technologies to increase the productivity of FM by lowering the cost of processing and its effective utilization in the pharmaceutical and food industries. The literature presented will further explore the potential prospects of processing as well as value‐added utilization and its nutritional and pharmacological aspects in view of initiating further research in the food industry to formulate ready‐to‐eat and ready‐to‐cook products, thereby acting as future crops for sustainability.