The current world of climate change, global warming and a constantly changing environment have made life very stressful for living entities, which has driven the evolution of biochemical processes to cope with stressed environmental and ecological conditions. As climate change conditions continue to develop, we anticipate more frequent occurrences of abiotic stresses such as drought, high temperature and salinity. Living plants, which are sessile beings, are more exposed to environmental extremes. However, plants are equipped with biosynthetic machinery operating to supply thousands of bio-compounds required for maintaining internal homeostasis. In addition to chemical coordination within a plant, these compounds have the potential to assist plants in tolerating, resisting and escaping biotic and abiotic stresses generated by the external environment. Among certain biosynthates, flavonoids are an important example of these stress mitigators. Flavonoids are secondary metabolites and biostimulants; they play a key role in plant growth by inducing resistance against certain biotic and abiotic stresses. In addition, the function of flavonoids as signal compounds to communicate with rhizosphere microbes is indispensable. In this review, the significance of flavonoids as biostimulants, stress mitigators, mediators of allelopathy and signaling compounds is discussed. The chemical nature and biosynthetic pathway of flavonoid production are also highlighted.