Mangoes (Mangifera indica L.) comprise approximately half of the tropical fruits harvested globally, and their net output is predicted to increase gradually over the next 20 years. Waste products from plants are a significant source of bioactive substances with amazing health benefits. Mango peels are a sustainable source of bioactive compounds with antibacterial, enzymatic, and antioxidant properties. These bioactive substances have been connected to a number of health advantages, including improving gut flora, controlling blood sugar, and strengthening the cardiovascular system. For the food sector to produce value-added goods, highly bioactive chemicals must be obtained through appropriate processing. Mango peel’s chemical composition may enhance its potential as an environmentally friendly source of high-value phytochemicals. Mango peel contains a variety of bioactive phytochemicals, such as flavonoids, polyphenols, gallic acid, carotenoids, anthocyanins, gallic acid, and mangiferin. The pharmacological and medicinal properties of these substances are of particular interest. Mango peel has antioxidant, antibacterial, anticancer, antidiabetic, and anti-inflammatory qualities, which have been proven by several scientific studies. To optimize the use of mango peel and minimize agricultural waste while improving human health, innovative techniques and creative processing methods are required.