Citrus australasica, also named finger lime, has been drawing lots of attention recently due to its potent antioxidant capacity and health-promoting benefits. They have been applied to the food industry as fruit or processed into soda, flavor liquor, jam, and dried powder. Especially, phenolic compounds are of prime interest as a large group of bioactive components in finger lime, including phenolic acids, flavan-3-ols, flavanones, anthocyanins, flavones, flavonols, and iso-flavonoids. Besides, other bioactive phytochemicals have also shown their roles, such as organic acids, minerals, carotenoids, vitamins, and chlorophylls. They synergically trigger finger lime to be a beneficial source, which can prevent people from chronic diseases, including diabetes, obesity, cardiovascular disease, and cancer, by avoiding excessive intake of nutrients (anti-nutritional activity) and releasing oxidation pressure (antioxidant capacity). Therefore, the extracts of finger lime can be used as a functional ingredient in alimentology or pharmacology areas to lower the risk. Our review aimed to summarize the specific bioactive compounds and their corresponding bioactivities in finger lime.