Goats are important livestock mainly recognized for their low rearing costs and adaptability to harsh climate making them suitable for small farmers. Goat’s milk has been tagged as highly consumed milk in many parts of the world and also carry essential substances as minerals, vitamins, enzymes, proteins, electrolytes and fatty acids which are easily metabolised by the body. The unique health benefits of goat milk make it a remedy for various disease conditions. Additionally, the low allergenicity and high digestibility of goat milk make it a popular dairy product for infants and immunocompromised individuals. This review summarizes the efforts and achievements made in analyzing goat milk’s nutritional, therapeutic, and functional properties and its current applications in the food and nutraceuticals sector. Also, the article provides insights into the diverse range of food and cosmetics applications of goat milk-derived components. Besides the long history of the use of goat milk for human nutrition, the scientific literature concerning various bioactive components and their beneficial therapeutic effects with respect to modern science are also reviewed in detail.