The extraction and commercialization of palm hearts is the most profitable activity involving the peach palm (Bactris gasipaes), while consumption of its fruits is limited to Amazonian communities. The excessive attention paid to the implementation of germplasm banks contributed to the lack of development of high-performance varieties, limiting the production and consumption of peach palm fruits and by-products. In addition, with the fragmentation of the Amazonian rainforest, wild populations are in danger of extinction. The species domestication, initiated by Native Amazonians, generated a large variety of peach palm populations, as evidenced by the diversity in fruit sizes and quality. Some advances in agronomic traits also took place. However, more research needs to be conducted to understand the implications of climatic changes on plant physiological performance. Indeed, the key point is that the exploitation of the full potential of B. gasipaes has not been completely exploited. Therefore, understanding the state-of-the-art research on the peach palm with a focus on its underutilized resources is essential for expanding plantations and, consequently, promoting the market expansion of the peach palm as a fruit crop.