160 Copyright © 2017, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited. Chapter 6 DOI: 10.4018/978-1-5225-0754-3.ch006 ABSTRACT Healthy nutrition is important for human beings for good health provided by global industry. Nutraceutical and functional food provide a prospect to reduce health care costs and improve the human health. Researchers carried out plenty of work for the preparation of nutraceutical and functional food product. This article also focused on recent advances on the nutraceutical and functional foods product on health benefts and their application in prevention of disease. Here we discussed about the health beneft of recently introduced nutraceutical and functional food products. With the modernised, competitive lifestyle and ever increasing stressful conditions this product is the need of the day. INTRODUCTION The nutraceutical is a portmanteau of nutrition and pharmaceutical. Reportedly, S. Defelice (1989), founder and chairperson of foundation for innovation in medicine, defined “any substance that may be food or part of a food and provides medical or health benefits, including the prevention and treatment of disease. Such products may achieved from isolated nutrients, dietary supplements and diets to genetically engineered ‘designer’ foods, herbal products, and processed foods such as cereals, soups, and beverages. According to the International Food Information Council (IFIC), a functional food provides a health benefit beyond basic nutrition (Biesalski, 2001; Keservani et al., 2010a). Any food can be consider as functional, on demonstration it can be produce beneficial effect to one or more target functions in the body or reduce disease risk besides basic nutrition (Sarkar, 2007). The nutraceutically and functionally used food products are Vitamins, minerals, trace elements, lipids, amino acid, carbohydrate, flavonoids, An Overview and Therapeutic Applications of Nutraceutical and Functional Foods Raj K. Keservani Rajiv Gandhi Proudyogiki Vishwavidhyalaya, India Anil K. Sharma Delhi Institute of Pharmaceutical Sciences and Research, India Rajesh K. Kesharwani National Institute of Technology Warangal, India