Coconut farming is not only a vital agricultural industry for all tropical countries possessing humid coasts and lowlands, but is also a robust income provider for millions of smallholder farmers worldwide. However, due to its longevity, the security of production of this crop suffers significantly from episodes of natural disasters, including cyclone and tsunami, devastating pest and disease outbreaks, while also affected by price competition for the principal products, especially the oil. In order to reduce these pressures, high-value coconut varieties (makapuno and aromatics) have been introduced in some regions, on a limited scale, but with positive outcomes. Even though these two varieties produce fruit with delicious solid or flavoursome liquid endosperm, their distinct biochemical and cellular features unfortunately prevent their in situ germination. In fact, embryo rescue and culture have been developed historically to nurture the embryo under in vitro conditions, enabling effective propagation. In an attempt to provide a comprehensive review featuring these elite coconut varieties, this paper firstly introduces their food values and nutritional qualities, and then discusses the present knowledge of their biology and genetics. Further possibilities for coconut in general are also highlighted, through the use of advanced tissue culture techniques and efficient seedling management for sustainable production of these highly distinct and commercially attractive varieties of coconut.