Taro (Colocasia esculenta) is a root crop that remains largely underutilized and undervalued despite its abundance and affordability. In comparison to other root vegetables, such as potatoes, yams, carrots, and cassava, taro stands out as a plentiful and low-cost option. As global hunger increases, particularly in Africa, it becomes essential to address food insecurity by maximizing the potential of existing food resources, including taro, and developing improved food products derived from it. Taro possesses a wealth of carbohydrates, dietary fiber, vitamins, and minerals, thereby making it a valuable nutritional source. Additionally, while not a significant protein source, taro exhibits higher protein content than many other root crops. Consequently, utilizing taro to create food products, such as plant-based milk alternatives, frozen desserts, and yogurt substitutes, could play a crucial role in raising awareness and increasing taro production. Unfortunately, taro has been stigmatized in various cultures, which has led to its neglect as a food crop. Therefore, this review aims to highlight the substantial potential of taro as an economical source of dietary energy by exploring the rich fiber, potassium, vitamin C, protein, and other micronutrient content of taro, and providing a foundation for the formulation of novel food products. Furthermore, this paper assesses the nutritional benefits of taro, its current utilization, and its antinutritional properties. It emphasizes the need for further research to explore the various applications of taro and improve on-farm processing conditions for industrial purposes.