The banana plant, also known as Musa acuminata, naturally grows in tropical and subtropical regions. The therapeutic properties of M. acuminata have been the subject of a significant amount of investigation over the course of the past few decades. According to traditional medical practices, the entire plant, including the fruits, peel, pseudostem, corm, blooms, leaves, sap, and roots, is utilised for the treatment of a wide range of ailments. M. acuminata has been used to treat a wide variety of disorders, including dysentery, bronchitis, fever, cough, allergy infections, sexually transmitted diseases (STDs), and even some noncommunicable diseases, according to the literature that was evaluated. Inflammation, diabetes, hypolipidemia, cancer, and infections are just some of the conditions that M. acuminata has been shown to prevent and treat through its pharmacological properties. Research in phytochemistry and pharmacology, which are given in this review, has provided evidence that supports the traditional application of different parts of M. acuminata for the treatment of a variety of diseases and disorders. This article presents a comprehensive analysis of the biological effects of M. acuminata extracts, along with a correlation of the probable processes and phytochemicals involved. The purpose of this analysis is to provide effective intervention choices for the prevention and management of sickness.