Portulaca oleracea L., commonly known as purslane, is a worldwide weed species belonging to the family Portulacaceae and has been known as “Global Panacea”. As one of the most widely consumed green vegetables and medicinal plants around the world, it has recently been re-evaluated as a potential “new crop” due to the properties that differentiate it as one of the best vegetable sources of omega-3 fatty acid (α-linolenic acid), as well as a variety of nutrients and phytochemicals. Accordingly, emerging research has found that purslane exhibits health-promoting properties like anti-inflammatory, anti-hyperglycemic, antioxidant, neuroprotective, and immunomodulatory. These findings suggest that this species possesses a potential using as a dietary supplement beyond potherb and traditional medicine. This review systematically summarizes the up-to-date research carried out on purslane, including the nutritional compositions, bioactive compounds, and health benefits it exerts as well as limitations, challenges, and future directions of research. Finally, we hope that this review would provide purslane with a comprehensive reference and future scope as functional and health-promoting food for disease prevention and treatment.