Aloe vera is one of the oldest and most traditional medicinal plant in history, with its use dating back over a thousand years. Today, its biological activity is not limited to curative purposes. The expansion in the A. vera industry became evident during the 90′s, when the development of this crop began to emerge due to a global demand from consumers more concerned with a healthy lifestyle. Considering the agro-industrial and economic relevance that this plant has acquired, this work reviewed its chemical, biological, and nutritional characteristics, plant processing methods, innovations, and industrial applications. Aloe vera is a plant that contain more than 75 bioactive compounds, among them the most relevant are polysaccharides, phenolics, and phytosterols. Additionally, the main processing technologies for A. vera leaves are described, including those used to obtain pressed filleted gel, whole leaf gel and manual filleted gel. This article shows its applications in the pharmaceutical, cosmetic and food industries are presented and the world landscape of the million-dollar market generated around this product, which in 2018 was around $1.60 billion. The applications of A. vera in the food industry as a natural functional ingredient or as fortifier in the food products of animal and vegetable origin has been a trend explored in the last years. Finally, through an in-depth analysis of patents and research articles, the current scenario of science and innovation developed for this industry is described.