Marine molluscs are of enormous scientific interest due to their astonishing diversity in terms of their size, shape, habitat, behaviour, and ecological roles. The phylum Mollusca is the second most common animal phylum, with 100,000 to 200,000 species, and marine molluscs are among the most notable class of marine organisms. This work aimed to show the importance of marine molluscs as a potential source of nutraceuticals as well as natural medicinal drugs. In this review, the main classes of marine molluscs, their chemical ecology, and the different techniques used for the extraction of bioactive compounds have been presented. We pointed out their nutraceutical importance such as their proteins, peptides, polysaccharides, lipids, polyphenolic compounds pigments, marine enzymes, minerals, and vitamins. Their pharmacological activities include antimicrobial, anticancer, antioxidant, anti-inflammatory, and analgesic activities. Moreover, certain molluscs like abalones and mussels contain unique compounds with potential medicinal applications, ranging from wound healing to anti-cancer effects. Understanding the nutritional and therapeutic value of marine molluscs highlights their significance in both pharmaceutical and dietary realms, paving the way for further research and utilization in human health.