<p>Fig is one of the oldest cultivated plants native to the Mediterranean coast where it is often considered as a symbol of health. Several studies have focused particularly on their phytochemical composition, or processing. In this review, the current use of figs was briefly discussed besides the potential use of their different parts (including their by-products) for the food and pharmaceutical industries was extensively explored. This review surveyed prior research published during 2002 to 2025. This review underscored the current potential usage, processing of figs and by-products, characterization of fig and by-products and nutraceutical potential and pharmacological properties. The Figs and their by-product processing methods using various drying techniques significantly enhanced the bioactive concentration in the extracts and the use of non-conventional bioactive extraction methods, particularly microwave-assisted extractions (MAE) and ultrasound-assisted extractions (UAE) have demonstrated efficiency in improving the extraction quality while reducing processing the time, cost, and solvent usage; hence, MAE and UAE are environmentally sustainable and economically viable for large-scale industrial applications. In addition, the volatile compounds of figs and their role in sensory profile were also discussed in this review. Volatile compounds like aldehydes, alcohols, ketones, esters, acids, and terpenes play important roles in figs’ sensory appeals. The nutraceutical and pharmacological properties of figs and their by-products demonstrated value-added potential for the food industry and health applications. Finally, the insights and the prospects of figs and their by-products are briefly discussed. The varied uses and sustainability features of figs and their by-products indicate significant potential for advancing food innovation, neutraceutical products, and environmental sustainability in the future.</p>