Aloe vera L. (Lililaceae) bears various medicinal applications that likely date back more than a thousand years ago. The current review provides an overview of the folk traditional uses, phytochemistry, biological activities, and cosmaceutical applications of the A. vera plant to date. The data have been retrieved from different scientific databases, including PubMed-Medline, Researchgate, Google Scholar, Science Direct, Scopus, SciELO, Taylor & Francis, Web of Science, books, conference papers, Masters and Ph.D. dissertations. As per the collected data of this review, almost 40 active phytoconstituents in A. vera have been reported so far with varying concentrations. Ethnobotanical data displayed that A. vera is still used as traditional medicine among communities against more than 20 different health-related problems. The DPPH, FRAP, TAC, and ABTS assays were commonly employed where A. vera extracts showed varying antioxidant activities against reactive oxygen species (ROS). Data on the biological activities showed A. vera plant extracts with remarkable anti-inflammatory activities through the inhibition of TNF-α and prostaglandin E2 factors and also exerts anti-diabetic activity against type 1 and type 2 diabetes. As per the collected data of this review, A. vera extracts have been reported with anti-microbial activities against more than 12 bacterial and 7 fungal strains and also obstruct the uncontrollable proliferation of specific types of cancer cells like HCT-116, HepG2, HeLa, A549, and MCF-7. Conclusively, A. vera possesses wide-ranging applications in the treatment of various diseases. However, more controlled investigations and clinical trials with the elucidation of the mechanism of action activities are prerequisites in the future to substantiate the outcomes and efficacies of A. vera under different circumstances. Any toxic effects of A. vera if associated with specific extracts or compounds should be addressed for safer consumption of Aloe-based food and cosmetic products.