The greater yam (Dioscorea alata L.) is the most widely distributed yam species in the world. In many countries, its cultivation is expanding because of its ease of preparation, taste and nutritional properties. The greater yam has been the object of significant research studies conducted by independent teams in distant countries, and aiming at characterising its complex chemical composition in major compounds and in secondary metabolites. Here, we conduct a detailed and comprehensive literature review regarding the chemical composition and functional properties of the greater yam. We also review briefly the botanical, phylogeny and genetic information on D. alata, as well as the antioxidant, antimicrobial and anti-inflammatory properties of its phytochemicals, and its use as a staple food, or in processed products. One of the objectives of this review is also to compile the information needed by genetic improvement programs interested in the biofortification of the greater yam.