Carissa carandas Linn. (Karonda) a native plant of Indo-Malaysia is best known for its fruits, which contain about 75 percent juicy edible pulp. The acidic pulp is a common ingredient in culinary preparations such as condiments, curries, beverages, jams in countries where the plant grows naturally. The fruit is pickled in salt solution which is rich of minerals, acids, phenolic compounds, terpenoids, flavonoids, vitamins, peptides and sugars. Ripe fruit is full of acids and micro and macro nutrients which combine well with sugars, and used to prepare a variety of jam. It is now considered as a valuable source of several unique products for the medicines against various diseases and also for the development of some industrial products. The present review includes comprehensive information on the chemical constituents, traditional uses, pharmacological actions and nutraceutical values of raw material and processed products. Karonda is relatively a new item yet to explore the full potential and a fruit that needs promotion and publicity in the international markets.