Apricot kernel, a by-product of apricot fruit, is a rich source of proteins, vitamins, and carbohydrates. Moreover, it can be used for medicinal purposes and the formation of food ingredients. Several techniques have been adopted for the extraction of bioactive compounds from the apricot kernel such as solvent extraction, ultra-sonication, enzyme-assisted, microwave-assisted, and aqueous extraction. Apricot kernels may help to fight against various diseases such as cancer and cancer immunotherapy, as well as reduce blood pressure. Additionally, the kernel is famous due to its diverse industrial applications in various industries and fields of research such as thermal energy storage, the cosmetic industry, the pharmaceutical industry, and the food industry. Especially in the food industry, the apricot kernel can be used in the preparation of low-fat biscuits, cookies, cakes, and the fabrication of antimicrobial films. Therefore, in this review article, the bioactivity of the apricot kernel is discussed along with its chemical or nutritional composition, characterizations, and applications.