Chili is one of the world’s most widely used horticultural products. Many dishes around the world are prepared using this fruit. The chili belongs to the genusCapsicumand is part of theSolanaceaefamily. This fruit has essential biomolecules such as carbohydrates, dietary fiber, proteins, and lipids. In addition, chili has other compounds that may exert some biological activity (bioactivities). Recently, many studies have demonstrated the biological activity of phenolic compounds, carotenoids, and capsaicinoids in different varieties of chili. Among all these bioactive compounds, polyphenols are one of the most studied. The main bioactivities attributed to polyphenols are antioxidant, antimicrobial, antihyperglycemic, anti-inflammatory, and antihypertensive. This review describes the data from in vivo and in vitro bioactivities attributed to polyphenols and capsaicinoids of the different chili products. Such data help formulate functional foods or food ingredients.