The present review focuses on the physico‐chemical properties of buckwheat (BW) and shows that its incorporation makes food more nutritious. The bioactive substances included in BW, including vitamins, proteins, flavonoids, phenolic acids, dietary fibre, and fagopyrins are effective in treating chronic illnesses. It is also a rich source of protein of excellent quality as it contains balanced amino acids. Various bioactive compounds like phenolics, flavonoids including orientin, quercetin, rutin, vitexin, isovitexin and isoorientin, tannins and steroids help in providing therapeutic benefits. It has a number of beneficial impacts on health, including anti‐inflammatory, anti‐hemorrhagic, cardiovascular, antioxidant, and blood vessel protective properties. The food sector has experienced an increased interest in producing items based on BW, which boasts advantageous flavor profiles and technical attributes while offering health benefits and accommodating those with gluten sensitivity. BW is a beneficial ingredient for bread, rice, soup, cakes, noodles, cookies, and gluten‐free beer due to its functional properties. This review also emphasizes on the BW as a functional food in numerous industries including agriculture, food, pharmaceutical and as animal fodder. It provides researchers knowledge that could be useful for developing future plans, such as selecting BW as promising bioactive ingredients for functional foods.