Jojoba is considered a promising oil crop and is cultivated for diverse purposes in many countries. The jojoba seed produces unique high-quality oil with a wide range of applications such as medical and industrial-related products. The plant also has potential value in combatting desertification and land degradation in dry and semi-dry areas. Although the plant is known for its high-temperature and high-salinity tolerance growth ability, issues such as its male-biased ratio, relatively late flowering and seed production time hamper the cultivation of this plant. The development of efficient biotechnological platforms for better cultivation and an improved production cycle is a necessity for farmers cultivating the plant. In the last 20 years, many efforts have been made for in vitro cultivation of jojoba by applying different molecular biology techniques. However, there is a lot of work to be done in order to reach satisfactory results that help to overcome cultivation problems. This review presents a historical overview, the medical and industrial importance of the jojoba plant, agronomy aspects and nutrient requirements for the plant’s cultivation, and the role of recent biotechnology and molecular biology findings in jojoba research.