Salt tolerance is indeed an agronomically essential trait that has significant implications for agriculture worldwide. Halophytes are the inimitable set of plants that adapted to thrive in highly saline environments that stand for 2% of the terrestrial plant variety. They can withstand a NaCl-rich environment due to their specialized mechanism for salt tolerance and osmoregulation and therefore may be regarded as a resource for new crops. They are commonly found in families such as Chenopodiaceae, Poaceae, Fabaceae, and Asteraceae. Halophytic plants are traditionally used for food and fuel production in certain regions and also offer several medicinal benefits. Halophytes represent rich sources of various types of biologically active phytoconstituents such as terpenes, phenols, alkaloids, flavonoids, glycosides, essential oil, and fatty oil; and responsible for the potential of biological activities such as antioxidant, anti-inflammatory, anti-diabetic, anti-cancer, cardioprotective, and neuroprotective. Various aspects of the bioactive compounds and health potential of halophytes are discussed in the present review.