Introduction: Acerola (Malpighia emarginata) is a tropical red fruit native to Central and South America. Since the 1950s, acerola has been recognized worldwide as one of the main natural sources of ascorbic acid (vitamin C). It also contains other bioactive compounds such as phenolic compounds, flavonoids, and carotenoids, which are associated with several biological properties. Methodology: A literature review was conducted to examine the nutritional value and to investigate the health-promoting properties of acerola fruits. The search was performed using the PubMed, Scielo, MDPI, Science Direct, Springer Link, Wiley Online Library, and Google Scholar databases. The keywords included the scientific and common names, along with the terms nutritional value, bioactive compounds, ascorbic acid, phenolic compounds, biological properties, and health benefits. The search included peer-reviewed articles published in English, Portuguese, and Spanish that were published up until December 2023. Results: The nutritional composition of acerola includes ascorbic acid; vitamin A; and B-complex vitamins such as thiamine (B1), riboflavin (B2), and niacin (B3); as well as sugars (glucose, fructose, and sucrose), organic acids (malic, citric, tartaric, and succinic acids), and minerals (mainly calcium, iron, potassium, magnesium, and phosphorus). Furthermore, acerola contains provitamin A carotenoids, which contribute to the fruit's nutritional value. Like other berries, anthocyanins are the main phenolic compounds found in the fruits, in addition to other phenolic compounds such as catechin, quercetin, resveratrol, gallic acid, and caffeic acid. A range of biological properties have been demonstrated in acerola fruits, including antioxidant, anti-inflammatory, antimicrobial, antihyperglycemic, antihyperlipidemic, antigenotoxicity, antimutagenic, antitumor, and hepatoprotective properties. Conclusion: Acerola emerges as a tropical superfruit, with a compelling nutritional profile and a variety of bioactive compounds that contribute to a remarkable range of health-promoting and protective effects against diseases. Further research is warranted to fully elucidate the mechanisms underlying these benefits and to explore acerola's potential as a functional food ingredient.