With their rich history dating back 6000 years, figs are one of the oldest known plants to mankind and are a classical fruit in the Mediterranean diet. They possess a diverse array of bioactive components, including flavonoids, phenolic acids, carotenoids, and tocopherols, which have been used for centuries in traditional medicine for their health-promoting effects addressing gastrointestinal, respiratory, inflammatory, metabolic, and cardiovascular issues. This review summarizes the updated information on the phenolic composition, antioxidant capacity and other functional properties of fresh and dried figs cultivated in various parts of the world, highlighting variation in phenolic composition based on cultivar, harvesting time, maturity stage, processing, and fig parts. Additionally, the review delves into the bio-accessibility and bio-availability of bioactive components from figs and their potential influence on cardiovascular health, diabetes, obesity, and gut/digestive health. Data suggest that the intake of figs regularly in the diet, alone or with other dried fruits, increases select micronutrient intake and is associated with higher diet quality, respectively. Research in animal and human models of health and disease risk provide preliminary health benefits data on figs and their extracts from fig parts; however, additional well-controlled human studies, particularly using fig fruit, will be required to uncover and verify the potential impact of dietary intake of figs on modern day health issues.