Water caltrop (Trapa spp.) has been cultivated for food and traditional medicine in Asia for thousands of years. It is, however, considered as a pest in North America due to the adverse effects on ecological systems. Thus, a better understanding of the chemistry and potential applications of water caltrop may suggest strategies to utilize this aquatic plant. This review summarizes the chemical composition, nutritional benefits, processing, and food and industrial uses of different parts of water caltrop from diverse species. The relationships between the components and potential uses of water caltrop are discussed. Peels and kernels of water caltrop are rich in starch, dietary fiber, essential amino acids, and certain types of phenolics and minerals, and showed a range of bioactivities such as anti-cancer and antioxidant capacities. Water caltrop has been utilized in diverse food and non-food sectors. There is great potential of water caltrop for various applications due to the unique chemical composition and abundance of supply.