Objective Elaeagnus angustifolia L., commonly known as oleaster or Russian olive, is used worldwide as a traditional natural remedy or nutritional agent for the management of a wide range of illnesses. The aim of the present study is to comprehensively review the ethnopharmacological uses, biological activities and phytochemistry of E. angustifolia. Key findings Modern scientific investigations suggest that the plant possesses a broad spectrum of pharmacological and therapeutic effects, including antimicrobial, insecticidal, antioxidant, anti-arthritic, wound healing, cardioprotective, hypolipidemic, antinociceptive, anti-inflammatory, antimutagenic, antitumour and gastroprotective activity. Various phytochemical constituents, including β-carboline alkaloids, polysaccharides, esters, flavone glycosides, phenols, phenolic acids, ketones, phenyl ethers, pyrimidines, steroids and terpenes, as well as nutritional components such as essential and non-essential amino acids and nutraceuticals like vitamins and fatty acids, have been identified in E. angustifolia. Summary Considering its wide variety of pharmacological activity as well as its huge diversity of active phytochemicals, E. angustifolia could be proposed as a good candidate for discovering new drugs. Further clinical and experimental studies are necessary to reveal the beneficial therapeutic, safety and pharmaceutical properties of E. angustifolia and its phytochemicals as a complementary and alternative medicine for the management of various disorders.