A few decades ago Amaranthus was rediscovered as a most promising plant genus that may provide high-quality protein, unsaturated oil, and various other valuable constituents. Since then research has focused on various Amaranthus spp. and has been rapidly expanding, and a large number of reports have been published. Several review articles focusing on different aspects, such as botanical, agrotechnological, compositional, biological, chemical, and technological properties, as well as applications and health effects, have also been published since then. This comprehensive review is focused on amaranth composition, antioxidant properties, applications, and processing. The composition includes macrocomponets (lipids, proteins, carbohydrates, and dietary fiber) and other important constituents, such as squalene, tocopherols, phenolic compounds, phytates, and vitamins. These aspects of amaranth studies have not been comprehensively reviewed for a long time.