Palm oil (PO), although subject of controversies, is the most consumed oil and the first source of oil widely produced. In this review, we discussed its biochemical composition in fatty acids, carotenoids, vitamin E, its phenolic compounds, and its nutritional benefits. We addressed its biochemical properties in relation with the stereospecific distribution of its unsaturated fatty acids at the sn-2 position in triacylglycerols. PO is one of the most stable oils, which help it prolong food storability mostly due not only to its content of saturated fatty acids, but also to its antioxidant compounds. PO plays an important role in the prevention of many pathologies (diabetes, cardiovascular diseases, obesity and cancers). It is widely use in nutrition especially in the food industry and in biodiesel industry. Faced with attacks from environmentalists who blame PO for destorying biodiversity, there is an urgent need to develop a sustainable PO production plan. Compliance with sustainable PO goals would help ease those controversies. The use and consumption of PO in normal or moderate amounts in a varied, balanced and adequate diet does not present any known health risk. Education campaigns on the nutritional benefits of PO should be promoted. •Palm oil has a biochemical particularity due to its richness in palmitic acid.•Unsaturation at sn-2 of palm oil make her behave like monounsaturated oils.•Palm oil does not increase blood cholesterol levels compared to olive and peanut.•Like all vegetable oil, it doesn’t contain cholesterol and is rich in antioxidants.•Palm oil antioxidant plays important role in the prevention of many diseases.