The link between diet and human health status has been repeatedly proved by strong scientific evidence, and developed societies demand food products with an added value beyond the satisfaction of hunger and the provision of nutrients. Functional foods, food supplements and nutraceuticals are at the interface between nutrition and pharma and opens the doors for seeking new therapeutic alternatives for the prevention of nutrition-related diseases. The present review is aimed at clarifying the differences between functional foods, food supplements and nutraceuticals as well as describing its regulatory framework in Europe, United States and Japan. Specific harmonized regulation for these products is needed. Functional foods, food supplements and nutraceuticals exert health-promoting properties and could be considered as potential candidates in the management of chronic diseases in combination with prescribed medication. Further research is essential for establishing which nutrition-pharma combinations are most favorable and suitable for each chronic disease.