Currently, the food industry is looking for alternatives to synthetic additives in processed food products, so research investigating new sources of compounds with high biological activity is worthwhile and becoming more common. There are many different types of vegetables that contain bioactive compounds, and additional features of some vegetables include uses as natural colorants and antioxidants. In this sense, and due to the special composition of beetroot, the use of this vegetable allows for the extraction of a large number of compounds with special interest to the meat industry. This includes colorants (betalains), antioxidants (betalains and phenolic compounds), and preservatives (nitrates), which can be applied for the reformulation of meat products, thus limiting the number and quantity of synthetic additives added to these foods and, at the same time, increase their shelf-life. Despite all these benefits, the application of beetroot or its products (extracts, juice, powder, etc.) in the meat industry is very limited, and the body of available research on beetroot as an ingredient is scarce. Therefore, in this review, the main biologically active compounds present in beetroot, the implications and benefits that their consumption has for human health, as well as studies investigating the use beetroot in the reformulation of meat and meat products are presented in a comprehensible manner.