Potato is the most consumed vegetable across the world. It is a highly nutritious crop constituting important nutrients such as vitamin C, B6, iron, potassium, antioxidants, phytochemicals and dietary fibre that are essential for human health. Despite being loved by most people, there are many speculations about its impact on health, due to its high glycemic index. Potatoes have been tagged as causative agent for obesity and type 2 diabetes. Hence, this review provides a comprehensive view of the potato’s nutrient content, its variation due to genotype, environmental factors and different methods to minimize nutrient loss during storage and cooking conditions. Additionally, insights into various approaches for reducing the glycemic index and the potential of potato to tackle energy requirements and malnutrition for current and future generations are also discussed.