Millets have gained significant attention in recent days due to their potential as nutritious and bioactive-rich food sources. Beyond their macronutrient content such as carbohydrates, fats, protein and minerals, possess impressive array of bioactive compounds viz., polyphenols, flavonoids and antioxidants. Ferulic acid is predominantly found among all the millets followed by caffeic acid and soluble/bound fractions of whole grains contain flavonoids. Their prebiotic properties contribute to gut health by promoting growth of beneficial gut microbiota. Phenolic compounds contribute to their antioxidant, anticancer and antiviral properties. Millets are rich in dietary fibre (15-20%), which has water absorbing and bulking property thereby increases transit time of food in the gut and helps in reducing risk of inflammatory bowel disease and acts as detoxifying agent in the body. The bioavailability of minerals is however hindered by the antinutritional factors like tannins and phytates. This review focuses on the nutraceutical potential of millets by exploring its bioactive components and its enhancement through biofortification strategies which is essential for utilizing and harnessing their health-promoting properties for the benefit of global nutrition and well-being.