Elephant apple (Dillenia indica L.) grows wild in Southeast Asia’s forests, including in China, India, Nepal, Bangladesh, and Sri Lanka. Elephant apples are considered essential fruit crops because of their high nutritional value, which includes high levels of vitamin C, carbohydrates, fats, fibre, protein, minerals, and fatty acids. It is important to understand the nutritional value and health benefits of elephant apples in order to increase fruit intake in people’s daily diets. The present review paper focuses on elephant apple’s phytochemistry, bioactive compounds, therapeutic value, and medicinal capabilities for designing and developing a wide range of food formulations. Proteins, minerals, fats, crude fibre, carbohydrates, vitamin C, tannins, malic acid, and glucose are abundant in the leaves, bark, and fruit of the elephant apple. In addition to nutritional components, many phytochemicals found in elephant apples have been identified as bioactive compounds with a broad range of biological activities, the most prominent of which are antioxidant, anticancer, antidiabetic, and anti-inflammatory properties. Overall, elephant apple is a rich, natural source of bioactive compounds with potential applications in the production of value-added foods and nutraceuticals for disease prevention and management.