The food industry, in response to current consumer demand for natural and functional foods, is constantly evolving and reformulating traditional products formulations. Thus, during the last decades, multiple natural sources have been investigated to replace the need to add synthetic additives. In addition, the use of natural sources can also increase the nutritional quality of the food. With this in mind, elderberry is used in the food industry for certain purposes. However, its potential is much higher than the number of applications it currently has. Its high content of anthocyanins, as well as other polyphenols and vitamins, means that it can be used by the food industry both as a colorant and as an antioxidant. In addition, the incorporation of these bioactive compounds results in functional foods, with a high antioxidant capacity. Moreover, the inclusion of elderberry products in foods formulation increases their shelf-life, but the correct amount and strategy for adding elderberry to food should be studied to ensure a positive effect on nutritional and technological properties without affecting (or improving) the sensory quality of foods. Therefore, this manuscript aims to review the main bioactive compounds present in elderberries, as well as their potential uses in the food industry.