The recent market trends for functional healthy foods have rekindled the interest in wild edible species and created a market niche for high added value products. The current supply, mainly supported by plants collected from the wild, cannot meet increasing market needs; therefore, it is of major importance to establish cropping protocols and further valorize wild plants for culinary and industrial applications. Sea fennel is a wild edible halophyte that is an important ingredient in local cuisines and is also used in folk medicine for its beneficial health effects. Its valorization has not been commercially explored on a great scale and more efforts are needed to integrate the species in farming systems. The present review compiles the most recent reports regarding the farming practices that could allow for the establishment of cultivation protocols for farmers, while the main constraints that hinder the further exploitation of the species are also presented. Moreover, this review presents the most up-to-date information regarding the chemical composition (e.g., chemical composition of the aerial parts and volatile compounds in essential oils) and the health-related effects of various plant parts (e.g., antimicrobial, insecticidal and anticholinesterase activities) aiming to reveal possible alternative uses that will increase the added value of the species and will contribute to its commercial exploitation. Finally, the future remarks and the guidelines that have to be followed are also discussed.