Tongba, a traditional Himalayan fermented beverage made from finger millet [Eleusine coracana (L.) Gaertn.], locally known as “Kodo,” holds deep cultural and religious significance among the indigenous communities of Sikkim and its neighboring regions. This review highlights the need to explore Tongba not only as a cultural artifact but also as a high-value traditional food due to its bioactive compounds. A comprehensive literature search was conducted using multiple databases to collect data on Tongba’s biological source, preparation process, cultural importance, and potential health benefits. The review also included field studies to gather insights directly from the communities involved in its production. Findings suggest that Tongba’s bioactive compounds, including antioxidants, anti-inflammatory, and anti-microbial properties, could contribute to its recognition as a high-value traditional food. Moreover, the review discusses the implications of these findings, emphasizing the importance of preserving Tongba’s traditional preparation methods while exploring its future potential in the food and beverage industry. In conclusion, Tongba represents a unique intersection of culture, tradition, and health, warranting further research and collaboration between scientists and local communities to fully understand and utilize its benefits.