In recent years, mulberry has acquired a special importance due to its phytochemical composition and its beneficial effects on human health, including antioxidant, anticancer, antidiabetic and immunomodulatory effects. Botanical parts of Morus sp. (fruits, leaves, twigs, roots) are considered a rich source of secondary metabolites. The aim of our study was to highlight the phytochemical profile of each of the botanical parts of Morus tree, their health benefits and applications in food industry with an updated review of literature. Black and white mulberries are characterized in terms of predominant phenolic compounds in correlation with their medical applications. In addition to anthocyanins (mainly cyanidin-3-O-glucoside), black mulberry fruits also contain flavonols and phenolic acids. The leaves are a rich source of flavonols, including quercetin and kaempferol in the glycosylated forms and chlorogenic acid as predominant phenolic acids. Mulberry bark roots and twigs are a source of prenylated flavonoids, predominantly morusin. In this context, the exploitation of mulberry in food industry is reviewed in this paper, in terms of developing novel, functional food with multiple health-promoting effects.