Mace, the dried aril of Myristica fragrans, is a traditional spice gaining traction for its pharmacological and economic value. Its bioactive profile—including myristicin, eugenol, and elemicin—supports antioxidant, anti-inflammatory, antimicrobial, and neuroprotective effects. Ethnomedicine uses span digestive, menstrual, and respiratory ailments. Rising demand in food, cosmetic, and pharmaceutical industries, particularly from Germany, Japan, and the USA, has spurred trade growth led by Indonesia, India, and Sri Lanka. The review consolidates therapeutic evidence, chemical insights, and trade trends, underscoring mace as a promising candidate for drug and nutraceutical development.