Abelmoschus esculentus has fruit popularly known as okra and belongs to the Malvaceae family. It is commonly used in cooking but also in traditional medicine in the treatment of worms, dysentery, inflammation, and also irritation of the stomach, intestines, and kidneys, as it is a potential functional food. Its mucilage is a highly viscous polysaccharide that is mostly composed of monosaccharides D-galactose, L-rhamnose, and galacturonic acid, as well as proteins and minerals. The functional properties of okra mucilage have been widely studied, mainly for its potential antidiabetic activity; thus, its use as adjuvant or nutraceutical therapy for diabetes is very promising. Due to its rheological properties, it is a potential resource for pharmaceutical and food applications. Okra mucilage can be extracted by several methods, which can directly influence its physicochemical characteristics and biological activity. Features such as low cost, non-toxicity, biocompatibility, and high availability in nature arouse the interest of researchers for the study of okra mucilage. The survey of research on the applications of okra mucilage highlights the importance of using this promising source of bioactive compounds with interesting technological properties. The potential of okra as a functional food, the properties of okra mucilage, and its technological applications are discussed in this review.