Cinnamon has been reported to have significant benefits for human health, particularly as an anti-inflammatory, antitumor, anticancer, antidiabetic, and anti-hypertriglyceridemia agent, mainly due to its phytochemical constituents such as phenolic and volatile compounds. The phytochemicals in cinnamon can be extracted from different parts of plant by distillation and by solvent extraction. The use of cinnamon in food and its ability to prevent oxidation and inhibit microbial growth are covered in this review. Its bioaccessibility, safety, and consumer acceptance are comprehensively discussed. This review also clearly shows a route to the use of cinnamon as an ingredient in functional foods.