The Brazilian Cerrado, one of the world's most biodiverse biomes, contains numerous oilseed plants with significant nutritional and functional properties. This review aims to provide a comprehensive analysis of these properties in oils derived from key Cerrado oilseeds: pequi, baru, macauba, buriti, cagaita, and mangaba. We conducted a systematic literature search across various databases, focusing on studies detailing the chemical composition, bioactive compounds, and health benefits of these oils. This review highlights the antioxidant and anti-inflammatory properties of pequi oil, which is rich in oleic acid, a monounsaturated fatty acid (MUFA) known for its cardiovascular benefits. Baru oil, also high in oleic acid, is noted for its levels of vitamin E and phytosterols, which may improve skin health and reduce oxidative stress. Macauba oil contains significant amounts of lauric acid, a medium-chain saturated fatty acid, but also possesses oleic acid as its major unsaturated fatty acid, showing promise as a biodiesel source. Buriti oil, characterized by a high concentration of oleic acid and beta-carotene, offers benefits for skin and hair health. Additionally, cagaita oil is rich in linoleic acid, a polyunsaturated fatty acid (PUFA) with antimicrobial properties, while mangaba oil, with its notable oleic acid content, has antihypertensive potential. Despite these findings, significant gaps remain in the literature, particularly concerning the sustainable exploitation and large-scale industrial applications of these oils. This review underscores the importance of further research into the sustainable exploitation and industrial applications of these oils, emphasizing sustainable practices as crucial for preserving the Cerrado's biodiversity and promoting economic development for local communities.