Solanum nigrum (black nightshade or makoi) is gaining growing research interest due to the vast amount of bioactive compounds present in the plant. The bioactive compounds can be used in biomedical and agricultural applications. This review aims to cover Solanum nigrum’s botanical, phytochemical, and pharmacological properties. Therefore, the review aims to elaborate how this plant can be used as a versatile resource. Solanum nigrum has been used in traditional medicinal practices since ancient times. It can be used to treat a variety of diseases, like inflammation, microbial infections, liver diseases, etc. Several modern-day research studies have been conducted to confirm that this plant offers many medicinal and therapeutic advantages. The plant contains a number of bioactive compounds like alkaloids, glycosides, saponins, etc., due to which the plant exhibits many pharmacological activities. The plant is known for its antioxidant, anti-inflammatory, hepatoprotective, antitumor, and antimicrobial properties. Along with these, several studies have highlighted the protective effects of plant extracts on cardiac and nervous systems too. The use of this plant as a source of new therapeutic agents and significant bioactive compounds has been of great interest. The plant has also shown its potential as a natural biocontrol agent. The composition of the bioactive compounds in the plant extracts can be significantly affected by environmental conditions and extraction methods. Phytochemicals of Solanum nigrum represent a complex interaction with the biological systems; however, the interactions may vary with the variation in concentration of extracts. Therefore, more systematic studies are required to explore and understand the relation between dosage of extracts and their biological effects.