<p><i>Beta vulgaris</i> L. (Beetroot) is a nutrient-dense root vegetable known for its extensive health benefits, owing to its abundance of phytochemicals and bioactive compounds with well-documented medicinal properties. Beetroot belongs to the Chenopodiaceae family and is recognized for its rich content of betalains, saponins, alkaloids, phenolic acids, and steroids/triterpenes. Beetroot grows relatively well in various climatic zones, and its availability is also extensive. Furthermore, its phytochemical-rich profile makes it an ideal choice for developing functional foods. Besides the well-researched antioxidant properties, it has recently been reported to exhibit anti-cancerous, antiviral, anti-inflammatory, and anti-hypertensive activities. Although the fresh consumption of this root vegetable is limited due to its earthy taste, growing awareness of the health-promoting roles of phytochemicals has led to an increase in its intake in fresh form and the development of various value-added, novel food products, such as beetroot chips, ice cream, and yogurt. Beetroot processing generates substantial waste in the form of pomace and skin, which contain significant amounts of bioactive compounds that may degrade rapidly during processing. Despite its potent functional properties, this tuberous vegetable continues to strive for commercial recognition in both fresh and processed forms. This review highlights the bioactive, nutritional, and potential functional properties of beetroot. It further explores opportunities for value addition, waste valorization, and genetic improvement to enhance quality and consumer acceptance. Finally, it discusses key challenges and future directions for the scientific community in utilizing this high-value crop for the development of novel products.</p> Graphical abstract <p></p>