Carrot is one of the important root vegetables rich in bioactive compounds like carotenoids and dietary fibers with appreciable levels of several other functional components having significant health-promoting properties. The consumption of carrot and its products is increasing steadily due to its recognition as an important source of natural antioxidants having anticancer activity. Apart from carrot roots being traditionally used in salad and preparation of curries in India, these could commercially be converted into nutritionally rich processed products like juice, concentrate, dried powder, canned, preserve, candy, pickle, and gazrailla. Carrot pomace containing about 50% of β-carotene could profitably be utilized for the supplementation of products like cake, bread, biscuits and preparation of several types of functional products. The present review highlights the nutritional composition, health promoting phytonutrients, functional properties, products development and by-products utilization of carrot and carrot pomace along with their potential application.