The jaboticaba is a fruit native to Brazil that grows in the wild throughout the country but is also cultivated on a low-scale basis by small farmers. Research is currently being reported that jaboticaba is a rich source of bioactive compounds, particularly the phenolic compounds. For example, high levels of the anthocyanins, cyanidin-3-O-glucoside and delphinidin-3-O-glucoside, and ellagitannins/ellagic acid are the predominant phenols present in jaboticaba and reside primarily in the peel and seeds of the fruit. These substances have been linked to multiple health benefits, including the prevention and/or mitigation of oxidation, inflammation, atherosclerosis risk factors, cancer, and conditions involved with metabolic syndrome. The fruit, or substances therein, has also been shown to enhance the immune system and gut microbiome. Therefore, the objective of this manuscript is to review the health-promoting properties exerted by jaboticaba or the compounds that reside in the fruit demonstrated throughout the literature, with an emphasis on the phenols.