The major constituent of turmeric, curcumin, is a bioactive phenolic compound that has been studied for its potential health benefits and therapeutic properties. Within this article, the anti-inflammatory, antioxidant and antithrombotic properties and mechanisms of action of curcumin are thoroughly reviewed and the main focus is shifted to its associated health-promoting effects against inflammation-related chronic disorders. An overview of the cardio-protective, anti-tumor, anti-diabetic, anti-obesity, anti-microbial and neuro–protective health-promoting properties of curcumin are thoroughly reviewed, while relative outcomes obtained from clinical trials are also presented. Emphasis is given to the wound-healing properties of curcumin, as presented by several studies and clinical trials, which further promote the application of curcumin as a bioactive ingredient in several functional products, including functional foods, nutraceuticals, cosmetics and drugs. Limitations and future perspectives of such uses of curcumin as a bio-functional ingredient are also discussed.