The wood apple, or Limonia acidissima Groff, is a tropical fruit that is a member of the Rutaceae family. It grows extensively in Southeast Asia and has its origins in Sri Lanka, India, and Myanmar. This fruit has a long history of use in traditional medicine due to its remarkable nutritional and medicinal properties. Wood apple pulp is high in β-carotene, a precursor to vitamin A. It also contains a lot of B vitamins, such as riboflavin and thiamine, and trace levels of ascorbic acid. Furthermore, a variety of phytochemicals associated with L. acidissima have been linked to health benefits such as antioxidant, hepatoprotective, antimicrobial, neuroprotective, antidiabetic, anti-inflammatory, analgesic, antiulcer, and antihyperlipidemic properties. These include polyphenolic chemicals, saponins, phytosterols, tannins, triterpenoids, coumarins, and amino acids. According to the findings of several studies, wood apple fruit has a high anticancer effect because it inhibits cancer cell multiplication. The wood apple finds wide-ranging commercial applications, which include the preparation of ready-to-drink beverages, syrups, jellies, chutneys, and a variety of other food products. In conclusion, this review discusses the nutritional and phytochemical contents of wood apple, shows its antioxidant, anti-inflammatory, and anti-diabetic properties, and investigates its potential for value-added product creation. Nonetheless, it is critical to recognise that the molecular mechanisms behind these traits remain an unexplored domain. To assure the safe integration of wood apple fruit into the culinary, cosmetics, and pharmaceutical industries, comprehensive clinical trials with toxicity evaluations are required. This review offers a comprehensive look at this fascinating fruit, detailing its health benefits, nutritional profile, and traditional uses in medicine.