Plant mucilage is a renewable and cost-effective source of plant-based compounds that are biologically active, biodegradable, biocompatible, nontoxic, and environmentally friendly. Until recently, plant mucilage has been of interest mostly for technological purposes. This review examined both its traditional uses and potential modern applications in a new generation of health-promoting foods, as well as in cosmetics and biomaterials. We explored the nutritional, phytochemical, and pharmacological richness of plant mucilage, with a particular focus on its biological activity. We also highlighted areas where more research is needed in order to understand the full commercial potential of plant mucilage.