Murta and calafate have been traditionally used by indigenous and rural peoples of Chile. Research on murta and calafate has gained interest due to their attractive sensory properties as well as a global trend in finding new fruits with potential health benefits. The objective of this review was to summarize the potential use of murta and calafate as sources of nutraceuticals regarding both the traditional and the up-to-date scientific knowledge. A search of historical documents recorded in the Digital National Library as well as scientific articles in the Web of Science database were performed using combinations of keywords with the botanical nomenclature. Peer-reviewed scientific articles did meet the inclusion criteria (n = 38) were classified in phytochemicals (21 papers) and biological activity (17 papers). Murta and calafate are high oxygen radical absorbance capacity (ORAC)-value fruits and promising sources of natural antioxidants, antimicrobial, and vasodilator compounds with nutraceutical potential. The bioactivity of anthocyanin metabolites in murta and calafate must continue to be studied in order to achieve adequate information on the biological activity and health-promoting effects derived for the consumption of murta and calafate fruit.