Inadequate, affordable, healthy foods, loss of food biodiversity, economic issues, poverty, inequality, climate change, and other important factors drive global food insecurity and nutrition crises. In this context, achieving Sustainable Development Goal 2: Zero Hunger by 2030 is less likely. Addressing this challenge involves fostering a sustainable food system and diversification of crops, as well as utilizing neglected and underutilized crop species, which are considered highly nutritious and offer various health advantages. Amaranth (Amaranthus spp.), categorized as a superfood, is a versatile and drought-resistant crop that contains excellent nutrients such as carbohydrates, proteins, fiber, vitamins, and minerals. It also provides health-promoting properties due to its abundance in tocopherols, squalene, antioxidants, phenolic compounds, and flavonoids. Despite the adaptability of amaranth in extreme conditions, nutritional advantages, and health benefits, its exploration and utilization are still limited, especially in food production. Researchers should do more studies to promote amaranth in the food value chain, which may enhance food security and nutrition. The primary aim of this review is to present the potential of amaranth and its components in improving food security and nutrition based on its nutritional compositions, beneficial health effects, and current food applications.