Multiple sclerosis (MS) is a chronic, progressive inflammatory disease distinguished by inflammation, neurodegeneration, and demyelination in the central nervous system (CNS). The pathophysiology of this disease is intricately linked to immune system malfunction, environmental factors, and genetic predispositions. T-cell activation, microglial activation, and the breakdown of the blood–brain barrier are the main pathogenic characteristics, leading to myelin sheath destruction and axonal loss. The disease is primarily incurable, necessitating the development of new therapeutic techniques. Current treatment methods focus on managing symptoms and modifying the immune response. Flavonoids, a class of naturally occurring polyphenolic compounds, are recognized for their antioxidant, anti-inflammatory, and neuroprotective properties. Several substances have shown potential in preclinical MS models for regulating immune responses and promoting neuroprotection. Flavonoids can enhance myelin regeneration, inhibit pro-inflammatory cytokines, and reduce oxidative stress. Synthetic medications like glatiramer acetate, sphingosine-1-phosphate receptor modulators, and interferons have demonstrated clinical success in treating MS. The review discusses the pathogenesis of MS and the potential benefits of synthetic medications and phytocompounds in treating the disease. It highlights phytocompounds’ role in inflammation reduction and myelin repair, suggesting the integration of natural and synthetic methods could improve patient outcomes.