One of the most popular fruits to promote and eat is the banana, which is botanically known as Musa spp. Each year, the banana's peels generate a considerable amount of waste. People usually discard banana peels because they are unaware of their health benefits. Banana peels are rich in a variety of bioactive compounds, such as phytosterol, polyphenols, carotenoids, and biogenic amines. It also contains healthy levels of minerals like iron, calcium, salt, phosphorus, and magnesium as well as dietary fiber. Considering the possible health benefits of banana peels, as well as their use in a number of commercial sectors, including the food and beverage, nutraceutical, and pharmaceutical industries. Bananas are used in a number of industries. These include the food processing, pharmaceutical, beverage, and agricultural industries. The nutritional qualities and bioactive components were the primary emphasis of this review article.