Tradescantia spathacea, commonly known as purple maguey, oyster lily, ship lily, or “Moses in the cradle,” is a species native to Mexico widely cultivated for its ornamental value and extensively used in traditional medicine. This review integrates and analyzes information on its traditional uses, phytochemical composition, and reported pharmacological activities, with the aim of establishing the current state of knowledge and identifying the main research gaps. In traditional medicine, this species is used to treat several ailments. Biological research on methanolic, ethanolic, or aqueous extracts has described its anticancer, cytotoxic, antimutagenic, antibacterial, antifungal, antiviral, gastroprotective, immunological, diuretic, anti-inflammatory, neuroprotective, antidiabetic, and antioxidant activity. Some bioactive compounds isolated from the aerial parts of the plant include rutin, rheonin, peltatoside, epigallocatechin, ferulic acid, chlorogenic acid, vanillic acid, p-coumaric acids, protocatechuic acid, luteolin, p-coumaroyl, sirigyl, caffeoyl, feroyl, apigenin, naringenin, kaempferol, myricetin, quercetin, isorhamnetin, and peonidin, among others. However, to date, the biotechnological conditions for obtaining the material in a controlled manner have not been described.