Pomegranate is native to the region between Iran and northern India, as well as cultivated in China with a large planting area and a variety of high-quality species. Pomegranate not only has delicious fruits and beautiful flowers, but it is rich in bioactive compounds with benefits to human health.The distribution and content of bioactive components in different organs and by-products of pomegranate have distinct characteristics. A variety of phenols, flavonoids, and triterpenoids exist in pomegranate peels and flowers, whereas the active ingredients in the leaves are mainly tannins. Arils and seeds are good sources of anthocyanins and unsaturated fatty acids, respectively. Pomegranate possesses antioxidant, anti-inflammatory, anti-cancer, anti-diabetic, anti-cardiovascular, anti-pathogenic and skin care effects, among others. It is also widely used in food, health care, medicinal, and ornamental purposes. This review summarizes recent research progress on pomegranate, putting forward some innovative applications for the development and utilization of pomegranate resources. This review also provides a theoretical basis for the research and industrialization of pomegranate, as well as a reference for further development of pomegranate germplasm resources.