The pseudocereal buckwheat is one of the ancient domesticated crops. The aim of the present review was to outline the potential of buckwheat as an agricultural crop and brings studies on buckwheat into a new larger perspective combining current knowledge in agricultural history and practice, nutritional and sensory properties, as well as possible benefits to human health. Historically, buckwheat was an appreciated crop because of its short growth period, moderate requirements for growth conditions, and high adaptability to adverse environments. Nowadays, interest in buckwheat-based food has increased because of its nutritional composition and many beneficial properties for human health. Buckwheat is a rich course of proteins, dietary fibers, vitamins, minerals, and bioactive compounds, including flavonoids. Moreover, it contains no gluten and can be used in the production of gluten-free foods for individuals diagnosed with celiac disease, non-celiac gluten sensitivity, or wheat protein allergies. Buckwheat is traditionally used in the production of various foods and can be successfully incorporated into various new food formulations with positive effects on their nutritional value and attractive sensory properties. Further research is needed to optimize buckwheat-based food development and understand the mechanism of the health effects of buckwheat consumption on human well-being.