Jojoba, Simmondsia chinensis (Link) C.K. Schneider is an evergreen shrub widely grown in Israel, the Middle East, South America, Africa, India and Australia used as an agricultural crop for commercial purposes and as a source of its non-edible natural wax. It is widely used in pharmaceutics and cosmetic formulation due to its unique structural characteristics and beneficial health effects. In addition, extensive work has been published on the plant’s health-promoting activities, ranging from antioxidant activities to the treatment of cancer. Being a rich source of natural liquid wax, the majority of research regarding jojoba focuses on its applications, as well as on the ability to exploit the residual plant materials obtained in its production. To date, several potent phytochemicals have been attributed to its medicinal properties, e.g. simmondsin and phenolic compounds. The current review emphasizes the evidence-based medicinal qualities of the wax and plant extracts and highlights the gaps of knowledge in these research areas and the importance of acquiring additional understanding of jojoba distinctive traits.