Pigeon pea is one of the most multipurpose grain legumes in the tropical and subtropical world. It is highly resilient to climate change due to drought tolerance. It ranks sixth following common beans, chickpeas, field peas, cowpeas, and lentils globally. Pigeon pea is an excellent source of high‐quality protein, essential amino acids, and minerals. Furthermore, pigeon pea is endowed with valuable water‐soluble vitamins such as thiamin, ascorbic acid, riboflavin, and niacin. With low levels of saturated fat and sodium and being cholesterol free, pigeon peas emerge as a nutritious dietary choice. Pigeon peas are rich sources of bioactive compounds with various potential health properties, including anti‐inflammatory, antibacterial, antioxidant, anticarcinogenic, and antidiabetic effects. Pigeon peas can be consumed in diverse forms, including whole seeds, split seeds (known as dhal), vegetables using green seeds, and fresh pods. Moreover, pigeon peas find application in a variety of food products, including bread, pasta, noodles, snacks, and biscuits. Despite their nutritional and medicinal properties, pigeon peas remain among the least utilized legumes globally. This review paper aims to provide up‐to‐date information on the nutritional compositions, bioactive compounds, food applications, and health benefits of pigeon peas.