Makhana, commonly known as fox nut or gorgon nut, is obtained from the seeds of Euryale ferox Salisb., an aquatic plant belonging to the family Nymphaeaceae. Traditionally consumed in India and other parts of Asia, makhana is gaining attention as a raw material for packaged snacks and value-added food products. It is characterised by a carbohydrate-rich composition, moderate protein content and low intrinsic fat, although its nutritional profile varies with sample type and processing conditions. Traditional roasting and popping produce its characteristic expanded structure and influence moisture, texture, colour, starch properties and measured bioactive compounds. Research has investigated its mineral and dietary fibre composition, phenolic and flavonoid content, antioxidant activity, glycaemic response and incorporation into products such as cookies, gluten-free pasta and modified-starch ingredients. Wider commercial use also depends on consistent raw-material quality, controlled processing, hygienic handling, moisture-protective packaging and reliable shelf-life assessment. This review examines makhana production and processing, quality characteristics, nutritional and bioactive composition, potential health relevance, food applications and commercial constraints. It also identifies standardisation, improved processing, by-product utilisation and stronger human research as priorities for the responsible development of makhana-based foods.