Cynara cardunculus L. var. altilis DC. belongs to the Asteraceae family and is widely used. This species is integrated into the Mediterranean diet and has broad applicability due to its rich chemical composition. Its flowers, used as a vegetable coagulant for gourmet cheese production, are rich in aspartic proteases. Leaves are rich in sesquiterpene lactones, the most abundant being cynaropicrin, while stems present a higher abundance of hydroxycinnamic acids. Both classes of compounds exhibit a wide range of bioactive properties. Its chemical composition makes it applicable in other industrial sectors, such as energy (e.g., manufacturing of biodiesel and biofuel) or paper pulp production, among other biotechnological applications. In the last decade, cardoon has been identified as a competitive energy crop, constituting an opportunity for the economic recovery and development of the rural areas of the Mediterranean basin. This article reviews the chemical composition, bioactive properties, and multifaceted industrial applications of cardoon.