Star anise (Illicium verum Hook. f., SA) is a well-known culinary seasoning in China and Vietnam. Actually, SA also has been widely used as a traditional Chinese medicine in China with a long history. Phytochemical analysis has revealed that SA contains a high concentration of essential oils, phenols, flavonoids, and other bioactive compounds that contribute to its diverse pharmacological properties. These properties include anti-bacterial, anti-inflammatory and analgesic, anti-oxidation, anti-viral, anticancer, anti-diabetes, anti-diarrheal and promoting hair growth. Various preclinical studies have shown that SA extracts and their active constituents may have potential therapeutic applications in preventing and treating various diseases. However, a comprehensive report on the relationship between the active ingredient, biological activity and food characteristics of SA is rare. The medicinal value of SA has not been well valued and developed. This review provides an overview of the botanical chemistry and pharmacological properties of SA, as well as its potential innovative applications in food and personal care products, aiming to provide theoretical support for its further development and utilization.