Originating from the basic chalcone structure, bis-chalcones are characterized by their dual α,β-unsaturated carbonyl systems and carry a range of biological activities that include antimicrobial, antiviral, antiparasitic, antioxidant, antiproliferative, and chemical reactivities that warrant a review to cover recent progress. Thus, this review presents the significant potential demonstrated by bis-chalcones in various biological applications. For example, compounds 2.3.1 showed excellent antiparasitic activity against leishmania with good selectivity index, and compounds 2.2.1−2.2.3 showed submicromolar activity against SupT1 cells. Compound 2.6.22 stood out in its antiproliferative activity against a panel of 60 different cell lines. Compounds 2.6.4 and 2.6.9 have been shown as submicromolar noncompetitive xanthine oxidase inhibitors. We also present their recent applications in material science, for example, as photosensitizers and photoinitiators, to showcase their broader potential for innovation in both medicinal chemistry and industrial applications.