Methylene blue was also the first synthetic compound ever used as an antiseptic in clinical therapy, and the first antiseptic dye to be used therapeutically. In fact, the use of methylene blue and its derivatives was widespread before the advent of sulfonamides and penicillin. It is on the World Health Organization's List of Essential Medicines. It was used as a treatment for malaria in WWII, and for psychiatric disorders such as schizophrenia, later it was realized that it has a seriously broad spectrum of action and benefit. 

Methylene Blue has a wide array of benefits, so I'll do my best to narrow it down to some of the most impactful benefits (I'll include more info you can dive into on your own in the links below.)
 
MB is shown to promote autophagy, optimizing cellular respiration & energy production in the mitochondria (see studies below.) It activates the metabolic pathways of cell defense and energy metabolism, as well as repairs damaged mitochondria, DNA, cells & tissue.
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Methylene Blue has been observed to decrease oxidant production and telomere erosion in MB-treated cells. (This one is major.)  It's also been shown to transiently increase the ratios NAD/NADH and pAMPK/AMPK (it cranks up your mitochondria, supports autophagy, and reduces chronic inflammation.) MB induces PGC1α, SURF1, and complex IV biogenesis. In other words, it's shows lots of promise in antiaging research because it suppresses the processes of biological aging.
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Methylene Blue reduces or oxidizes itself wherever necessary, specifically during oxidative phosphorylation. MB increases NADH levels which in turn donate electrons into the electron transport chain where they are needed, or receive electrons when there's an excess. This, in turn helps to generate ATP.
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There are currently over 23,000 studies on Methylene Blue published on The National Library of Medicine/Pubmed, and studies are still ongoing! The FDA currently only recognizes the use of Methylene Blue for treatment of: methemoglobinemia, cyanide poisoning, septic shock, urinary tract infection (prevention,) and carbon monoxide poisoning. This is available to purchase for research purposes only. All information provided here is solely for educational purpose.
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Mitochondrial Support
Repairs & optimizes energy production within the mitochondria.
Nootropic & Neuroprotective
Boosts Cognitive function
Short/long term and working memory improvement
Autophagy, AMPK activation, Cellular Cleansing
AMPK Pathway activation
Promotes autophagy (the cell's garbage removal system)
Inhibits Apoptosis (Cell Death)
Inhibits Nitric Oxide
Boosts Metabolism
Optimizes/improves cellular respiration (specifically by optimizing oxidative phosphorylation)
Anti-inflammatory
Powerful Anti-Inflammatory agent