The Aristotelia chilensis (Mol.) Stuntz, also known as Maqui, is an endemic berry native to southern Chile. It is a very popular berry for its nutritional attributes and health benefits, provided mainly by its polyphenols. This review aims to investigate the Maqui and its nutritional characteristics, its health benefits, and the application of Maqui in the food industry. This fruit provides 150 calories per 100 g of product and has a low protein content and a high fiber content. Its seeds contain monounsaturated fatty acids (MUFAs) and polyunsaturated fatty acids (PUFAs); however, its most outstanding feature is its high value of bioactive compounds, mainly anthocyanins, indole alkaloids and flavonoids, coumarins, caffeic and ferulic acids, and delphinidin 3-O-β-glucoside, the latter being the most representative, providing Maqui with high antioxidant activity. Maqui is considered a fruit of high interest as a nutraceutical product for the control and prevention of ongoing diseases, and among its benefits, we can highlight glycemic and metabolic control; the control and prevention of obesity, cancer, cognitive decline, and dementia; the prevention and treatment of bone structure alterations; prevention against oxidative stress, particularly in cigarette smoke-induced stress. In addition to its nutraceutical use, Maqui has been used in the food industry to improve the shelf life (by controlling lipid oxidation) and nutritional value of food products and as a substitute for synthetic additives. In addition, the inclusion of Maqui improves the organoleptic and sensory characteristics of foods. The incorporation of this fruit has been observed mainly in drinks, meat products, bakery products, and milk products. Evidence has shown that Maqui consumption, as well as products with Maqui added, have a good acceptability and exert benefits on people’s health. Knowledge about the application of Maqui in food will allow us to create new nutraceutical and food products that improve their nutritional and functional value.