<i>Calvatia gigantea</i>, commonly known as the giant puffball mushroom, has traditionally been regarded as a significant edible and medicinal species due to its wide spectrum of bioactive compounds and its health-promoting properties. This study aims to systematize the knowledge on the nutritional value and therapeutic potential of <i>C. gigantea</i>, highlighting its role in traditional and contemporary medicine. The mushroom is recognized for its nutritional content, including easily digestible protein, carbohydrates, fiber, phenolic compounds, vitamins, and minerals, while being low in calories, cholesterol, and sodium. Furthermore, <i>C. gigantea</i> exhibits a range of biological effects, such as antioxidant, anticancer, antimicrobial, antidiabetic, and wound-healing properties, attributed to its diverse chemical composition that includes unsaturated fatty acids, free amino acids, polysaccharides, and bioactive metabolites.