Morinda citrifolia commonly known as noni is a perennial plant originating in Southeast Asia, consumed over 2000 years. Due to its versatility of adaptation and use of the structures of the plant for different therapeutic purposes, noni attracted the attention of researchers from the pharmaceutical and food industry. Chemical and nutritional analyzes already performed in M. citrifolia reveal the existence of more than 200 phytochemical substances with bioactive properties such as acids, alcohols, phenols, saccharides, anthraquinones, carotenoids, esters, triterpenoids, flavonoids, glycosides, lactones, iridoids, ketones, lactones, lignans, nucleosides, triterpenides, sterols, and aromatic compounds. The high nutritional value of M. citrifolia may induce therapeutic effects, including antimicrobial and antioxidant properties. The main industrial products from this plant are beverages (juice drinks), powders (from dried fruits), oil (from seeds), and leaf powders. Biological and phytotherapeutic applications of M. citrifolia are promising, but more extensive studies are still required. Thus, this review aims to gather updated and comprehensive information on Morinda citrifolia, discussing its traditional use, biochemical, phytotherapics, and toxicological properties, as well as the recent advances in the processing and standardization of products derived from noni fruit.