Hylocereus polyrhizus (Red dragon) fruit, a Cactaceae plant with traditional and medicinal uses, is found in America and South Asia. These fruits have diversified bioactive components, which make them both therapeutically and nutritionally important. This review focuses on the various aspects of this potential plant. This literature review looked at the nutritional information, botanical description, traditional medical use, nutritional values, medicinal uses, chemical compounds, and pharmacological activities of H. polyrhizus. To evaluate the required resources, Scopus, PubMed, Science Direct, Cochrane electronic databases, and Google Scholar search engines were searched (for example, Hylocereus polyrhizus OR dragon fruit, red pitaya OR pitaya, pharmacological AND phytochemical, nutritional AND ethnomedicinal). Prominent bioactive elements in this plant included phenolic compounds such as α-amyrin (15.87%) and β-amyrin (13.90%). H. polyrhizus also contains antioxidant, cardioprotective, anti-inflammatory, antifungal, antibacterial, hypolipidemic, antiviral, thrombolytic, antiplasmodial, anticancer, hepatoprotective, and antidiabetic activities. Because of its colouring pigments, carbohydrates, proteins, and fat substitution properties, the fruit is commonly used in culinary and grooming. An improved understanding of H. polyrhizus, according to this study, could pave the way for the discovery of new, beneficial chemicals with therapeutic potential.