Borago officinalis L., an annual herb belonging to the Boraginaceae family, is used in the traditional medical practices of various countries and for multiple treatments, including respiratory disorders, colds, influenza, diarrhea, cramps, inflammation, palpitation, hypertension menopause, and post‐menopausal symptoms. Its pharmacological properties and biological activities ‐ among them antioxidant, antimicrobial, anticancer, anti‐inflammatory, insecticidal, antigenotoxic, and anti‐obesity activity ‐ were demonstrated in vitro and in vivo and are related to its rich content of bioactive compounds (mainly phenolic acids, flavonoids, anthocyanins, alkaloids, and terpenes) extracted from various parts of B. officinalis including leaves, flowers, seeds, and roots. This review summarizes all updated information on applied extraction processes, phytochemistry, pharmacology, and toxicity of B. officinalis.