Euryale ferox Salisb. (Nymphaeaceae), referred to as ‘fox nut’ or ‘prickly water lily,’ stands out as a commercially significant aquatic crop, predominantly cultivated in China, India, and other Asian countries. Renowned for its nutritional and medicinal properties, E. ferox is rich in bioactive alkaloids, flavonoids, polyphenols, steroids and terpenoids, essential fatty acids and amino acids, and a nutritional profile (protein, carbohydrates, minerals). Traditionally consumed as a health food, it exhibits multifaceted therapeutic potential, particularly in managing metabolic disorders. Scientific studies underpin its antidiabetic, antioxidant, anticancer, cardioprotective, and hepatoprotective effects. The present review introduces the phytochemical diversity of E. ferox, with a focus on its unique secondary metabolites and evidence-based pharmacological activities that support its modern therapeutic use.