Myrica esculenta is an important ethnomedicinal plant that has been used in the traditional system of medicine and as an important nutraceutical. Several studies conducted on the plant justify its use in alternative systems of medicine and establish a scientific rationale about its possible therapeutic application. The plant contains a range of biologically active classes of compounds, particularly diarylheptanoids, flavonoids, terpenes, tannins, and glycosides. The nutraceutical potential of the plant is particularly because of the fruit and several studies have demonstrated the presence of carbohydrates, proteins, fats, fiber content, and minerals like sodium, potassium, calcium, manganese, iron, copper, and zinc. The current review aims to provide complete insight into the described phytochemistry, pharmacological potential, and nutritional potential of the plant, which would not only serve as a comprehensive source of information but also highlights the scope of isolation and evaluation of these molecules for various disease conditions.