Piceatannol (3,3',4,5'-tetrahydroxy-trans-stilbene; PIC) is a naturally occurring stilbene present in diverse plant sources. PIC is a hydroxylated analog of resveratrol and produced from resveratrol by microsomal cytochrome P450 1A11/2 and 1B1 activities. Like resveratrol, PIC has a broad spectrum of health beneficial effects, many of which are attributable to its antioxidative and anti-inflammatory activities. PIC exerts anticarcinogenic effects by targeting specific proteins involved in regulating cancer cell proliferation, survival/death, invasion, metastasis, angiogenesis, etc. in tumor microenvironment. PIC also has other health promoting and disease preventing functions, such as anti-obese, antidiabetic, neuroptotective, cardioprotective, anti-allergic, anti-aging properties. This review outlines the principal biological activities of PIC and underlying mechanisms with special focus on intracellular signaling molecules/pathways involved.