In recent years, coconut oil has emerged as a potential ‘miracle’ food. Some media vehicles and health specialists assure that this fat is capable of promoting health benefits, such as weight reduction, cholesterol lowering, prevention of cardiovascular diseases, and anti-inflammatory effect, among others. These claims are used to market the product and boost its sales by coconut oil companies. However, governmental regulatory agencies in many countries are still sceptical about the benefits obtained by the consumption of coconut oil due to its high-saturated fatty acid content. In light of such controversy, this review focused on analysing the published literature on the alleged health claims, in order to investigate if there is enough scientific evidence to support them. It was verified that the metabolism of lauric acid, the major fatty acid in coconut oil, remains unclear. Many studies reported that the product was not efficient in weight loss. Also, it has been reported that the consumption of coconut oil increased low-density lipoprotein cholesterol, consequently increasing the risk of cardiovascular diseases. In general, the studies present conflicting results and there is a lack of long-term human-based clinical trials. Therefore, as a saturated fat, coconut oil should be consumed with moderation and the health allegations should not be used to market the product, once they are not scientifically proven so far.