Bixa orellana, commonly known as annatto or lipstick tree, is a valuable medicinal and industrial plant widely distributed in tropical and subtropical regions. The plant is renowned for its bright red-orange pigment, bixin, which is extensively used as a natural colorant in food, cosmetics, pharmaceuticals, and textile industries. In recent years, Bixa orellana has gained significant attention due to its rich phytochemical composition, including carotenoids, flavonoids, tannins, terpenoids, and phenolic compounds, which exhibit antioxidant, antimicrobial, anti-inflammatory, antidiabetic, and wound-healing properties. Various plant parts such as seeds, leaves, roots, and bark are traditionally utilized in ethnomedicine for treating skin disorders, digestive ailments, fever, and respiratory problems. Biotechnological approaches including plant tissue culture, micropropagation, callus culture, and secondary metabolite enhancement have further expanded the commercial and pharmaceutical potential of this species. The increasing demand for natural bioactive compounds and eco-friendly products highlights the importance of Bixa orellana as a promising resource for sustainable agriculture, herbal medicine, and biotechnology-based industries.