Avocado fruit is rich in phytochemicals that have been associated with the prevention of some important diseases. This chapter discusses the important nutritional components of avocado fruit, especially the many important bioactive compounds they contain, as well as the important effects of avocado consumption on human nutrition and health, a driver behind the very significant growth and expansion of the industry in the last few decades. The chapter details nutraceutical properties of avocado, particularly their potential for the prevention and possible treatment of diseases such as macular degeneration, osteoarthritis, cardiovascular problems, and cancer, among others. Some folk medicinal uses of avocado and its components, as well as some pharmaceutical, cosmetic and other applications have been discussed. Potential allergic and toxic compounds have also been mentioned and discussed.