HELP!

Hi, we were given an old dresser but it needs some love and I am not sure how to do it. It is wood and painted however the paint is peeling and chipping. Also, the knobs are metal and I it looks as though they were painted at one point. Does anyone have any ideas how I can restore this? Would it be best to sand it all down? The top of it has a bow in it from something heavy. Any ideas if/how I can get this out. Any help or suggestions I could get would be great. Thank you!!! Maggie