Background: Avocado (Persea americana Mill.) is a tropical and subtropical fruit that is native to Mexico and Central America; avocado is gaining increasing worldwide acceptance and has received extensive marketing and a wide distribution due to its relevant nutritional benefits for human health. Mexico harvests more than 30% of avocados worldwide, representing the main producer and exporter of avocado, which has become a crop of high interest and has great economic impact on Mexico. Scope and approach: In this paper, we describe relevant information on the production, composition and application of avocado, with an emphasis on its by-products, focusing on the proper use of waste and the possibility of monetizing waste for nutritional and environmental purposes. The entire avocado is rich in biocompounds (pulp, seed and peel) and has many health benefits, such as antimicrobial, antioxidant and anticancer activities, as well as dermatological uses and others. In this paper, we demonstrate the current panorama of production, exportation and uses of avocado in Mexico. Key findings and conclusions: Several food grade ingredients can be obtained from avocado wastes, particularly premium-grade fats or extracts with a high functional power. Studies should continue to identify the profiles and phytochemicals available to the business sector, which can also be implemented to valorize the nutritional and functional potential of avocado seeds and peels.