Stilbenes are a class of phytoalexins with important pharmacological characteristics, such as anti-inflammatory, anticancer, and antioxidant effects. These substances have drawn interest due to their possible uses in the pharmaceutical, nutraceutical, and cosmetic sectors. Nevertheless, the endogenous production of stilbenes in plants is often limited, necessitating the development of strategies to boost their yield. Elicitation has been shown to be a viable strategy for increasing stilbene biosynthesis in plants by utilizing both biotic and abiotic elicitors. This review delves deeply into the most recent developments in biotic and abiotic elicitation methods used to boost stilbene production. The mechanisms by which different biotic elicitors, including plant–microbe symbiosis, pathogen infection, and microbial interactions, stimulate the biosynthesis of stilbenes are discussed. Discussion of the molecular mechanisms behind elicitor-induced stilbene biosynthesis emphasizes the activation of key biosynthetic pathways, regulatory genes, and transcription factors. It has been demonstrated that elicitors like methyl jasmonate, chitosan, and fungal extracts, as well as UV-C light and cyclodextrins, increase the expression of key enzymes like resveratrol synthase (RS), stilbene synthase (STS), and phenylalanine ammonia-lyase (PAL), which, in turn, increases the accumulation of stilbenes. Recent developments in metabolic engineering are emphasized as promising methods to further increase stilbene yields, such as gene editing and overexpressing biosynthetic genes. By integrating these strategies, we focus on offering a thorough insight into the elicitation processes that can be harnessed to optimize stilbene production, thereby contributing to the development of sustainable and efficient production systems for these valuable phytochemicals. To aid in the development of superior and scalable methods for producing these valuable compounds, this review attempts to provide a thorough understanding of how to improve stilbene production biotechnologically by integrating insights on biotic and abiotic elicitation.