Banana fruit is produced and consumed worldwide and belongs to the Musa genus. They are accessible for the entire year and affordable to everybody. It is a source of starch, fibers, minerals (magnesium, calcium, potassium, phosphorus, and manganese), and vitamin B6. Raw and mature bananas are used as a source of important compounds, such as carotenoids, phenolics, biogenic amines, and phytosterols. It has numerous health benefits, for instance, enhances brain health, improves heart health, good for bones, enhances digestive health, valuable for diabetes, brightens the teeth, strengthens the immune system, and helps to treat diarrhea, migraines, and anemia. They are also helpful against cancer and useful in skin and hair care. They can be easily processed into value-added products, which include flour, puree, chips, brew, jam, wine, vinegar, and sauce. Banana produces huge waste in the form of peels, pseudostems, inflorescence, leaves, fruit stalk, and rhizome, which can be used for several applications (medicinal use, as biosorbent, as fiber source, as bio-fertilizers, and livestock feed). Additionally, in recent years, banana peel extract has been utilized for nanoparticle synthesis. Overall, this chapter discusses the health benefits, value-added products, and other significant uses of bananas.