Cnidoscolus quercifolius, commonly known as “favela”, “faveleira”, “urtiga-branca”, and “cansanção”, is a plant that is native to the Caatinga biome. The species is extremely tolerant to adverse weather conditions and is of great importance for the population of the semi-arid region, as it has uses in afforestation, the recovery of degraded areas, sawmills, fuels, animal feed, and food production. In addition, the species is popularly known for its medicinal uses, and it has been scientifically tested for such purposes. The objective of the research was to compile updated information about the chemical composition, biological activities, and botanical characteristics of the species, in addition to information about its use in folk medicine. It was observed that C. quercifolius has a strong usage among people in the Brazilian Caatinga for ophthalmic and other medical conditions, including inflammation in general, scarring, and infections. Studies involving the species have shown its effectiveness as antinociceptive, cytotoxic agent, antioxidant, and insecticide, as also thanks to its anti-inflammatory, hypoglycemic, and repellent characteristics. Other tests have indicated that the vegetable oil from the seed is promising for food consumption. This work demonstrates that further investigations are still necessary to determine the chemical composition and the toxicological characteristics of the species in order to support subsidies for the possible development of new drugs. Such future investigations may include the isolation of its substances, an analysis of its pharmacological activities, and a deepening of the understanding of the mechanisms of action of its various plant products.