Morchella esculenta (L.) Pers. (M. esculenta), commonly known as the morel, is a highly esteemed edible and medicinal mushroom renowned for its distinctive flavor and diverse health benefits. This species is rich in essential nutrients and bioactive compounds, including proteins, carbohydrates, vitamins, and minerals, which contribute to its high nutritional value and unique flavor profile. Notably, morels contain an array of bioactive constituents such as polysaccharides, polyphenols, alkaloids, saponins, terpenoids, quinones, lignocellulosic enzymes, and lipoxygenase. These compounds underpin the diverse bioactivities attributed to morels, including immunomodulation, antioxidation, organ protection, lipid and glucose homeostasis regulation, anti-cancer effects, and mitigation of chemotherapy-induced toxicity. This review comprehensively summarizes the key nutrients and bioactive compounds present in morels, detailing their extraction methods and subsequent analyses. The insights provided aim to support potential industrial applications of morels, particularly in the development of functional foods. Furthermore, this review explores the various bioactivities of morels and their underlying molecular mechanisms, contributing to a deeper understanding of this valuable fungal resource.