Bambara groundnut (Vigna subterranea L. Verdc; BGN) is an important legume grown mainly by small-scale subsistence farmers in sub-Saharan Africa, in parts of Thailand and Indonesia. It has a high concentration of seed carbohydrate (55–70%), protein (17–25%), fat (1.4–12%) and dietary fibre (5.2–6.4%). A range of biotic and abiotic stresses together with socio-economic constraints affect its productivity, yield and quality. The changing climate and a growing world population are putting pressure on food production, as world food supply is heavily reliant on few crops. As such, there is a need to broaden crop usage and increase yield of minor crops such as BGN. Improvements in production can potentially be achieved by a combination of advanced phenotyping, genotyping, environmental characterization and overall management approaches. Breeding for advanced lines is complicated by overreliance on landraces. This review aims to provide the current status of BGN production, production constraints and approaches to overcome these, as well as its grain composition and nutritional value. It further discusses and elaborates on potentially available opportunities for overall improvement, so that BGN, like all neglected crops, can play a valuable role in world food security. Efforts should be intensified to improve the overall utilization of BGN and its constituents to make it an economically viable crop.