Horseradish is a flavorful pungent herb that has been used for centuries to enhance the flavor of food, aid in digestion, and improve human health. Horseradish is a neglected and underutilized plant species (NUS), especially concerning the potential benefits to improve human health. The roots of this plant have been known for centuries to provide effective treatments for various human health disorders and has a long history of use in traditional medicine. Horseradish is a source of many biologically active compounds and its richness in phytochemicals has encouraged its recent use as a functional food. The medicinal benefits of horseradish are numerous, and this plant should be promoted more as being beneficial for human health. Glucosinolates or their breakdown products, isothiocyanates, are responsible for most of the claimed medicinal effects. Recent studies have suggested that glucosinolates provide prevention and inhibitory influences on different types of cancer, and horseradish contains high amounts of these compounds. Other medicinal benefits of horseradish include its well-known antibacterial properties that are also attributed to isothiocyanates, and its high content of other antioxidants that benefit human health. Additionally, horseradish contains enzymes that stimulate digestion, regulate bowel movement, and reduce constipation. Horseradish is a species that is vastly underexploited for its abilities as a medicinal plant species for improving human health. The health promoting effects of horseradish are numerous and should be used in an extensive marketing campaign to improve consumption habits. Consumers need to be made more aware of the tremendous health benefits of this plant, which would most likely increase consumption of this valuable NUS. Although horseradish is a highly versatile plant species and holds great potential for improving human health, this plant can also be used to enhance biodiversity in landscapes and food systems, which will also be briefly discussed.