Psidium cattleianum Sabine, commonly known as araçá, is a Brazilian native fruit, which is very juicy, with sweet to sub acid pulp and a spicy touch. The fruit can be eaten fresh or processed into juice, jellies and ice creams. Araçás are source of vitamin C, minerals, fatty acids, polysaccharides, volatile compounds, carotenoids and phenolic compounds, which can provide nutrients and phytochemical agents with different biological functions. Different pharmacological studies demonstrate that P. cattleianum exerts antioxidant, antidiabetic, anticarcinogenic, antimicrobial, anti-inflammatory and antiaging effects. Thus, this article aims to review the chemical composition and biological effects reported for araçá fruit in the last years.