Theobroma cacao L. seeds, commonly known as cocoa beans, are the foundation for cocoa and chocolate production. Following harvest, these beans undergo a multi-step processing chain including fermentation, drying, roasting, and grinding. This process yields cocoa solids, cocoa butter, and cocoa powder—all fundamental ingredients in the food and beverage industry. Beyond its sensory appeal (flavor, aroma, and texture), cocoa has garnered significant interest for its potential health benefits attributed to a rich profile of bioactive compounds. Cocoa is a well-documented source of polyphenolics, specifically flavanols, alongside methylxanthines, phytosterols, and dietary fibers. These constituents have been associated with a diverse range of bioactivities, including antioxidant, anti-carcinogenic, anti-diabetic, anti-inflammatory, anti-obesity, and anti-allergenic properties, potentially contributing to overall health maintenance. Efficient extraction techniques are crucial for maximizing the recovery of these valuable bioactive components from cocoa plant material. Modern methods are continuously being explored to optimize this process. This review focuses on the established health benefits associated with the bioactive compounds present in cocoa. Additionally, it will explore and discuss contemporary approaches for the extraction of these bioactive compounds from this plant source.