This study reviews the many uses for waste generated from acerola (Malpighia spp.) production, a tropical fruit renowned for its nutrient-rich content. Traditionally considered an environmental burden, this waste is now gaining attention for its sustainable applications in green technology. This review outlines the extraction of valuable bioactive compounds, like polyphenols, carotenoids, and pectin, that can be extracted from the acerola fruit and acerola waste, and it also delves into its potential in materials science, particularly in the creation of pharmaceutical formulations, nanomaterials, composites, biofuels, and energy applications. On the medical front, the paper highlights the promise that acerola waste holds in anti-inflammatory, antihyperglycemic, and anticancer therapies. By outlining challenges and opportunities, the review emphasizes the untapped potential of acerola waste as a resource for high-value products. These findings suggest a paradigm shift, turning what has been considered waste into a sustainable asset, thereby encouraging environmentally responsible practices within the fruit industry.