β-lactoglobulin has attracted a lot of researchers since its identification as a major fraction of whey protein. Owing to its high nutritional value and varied functional properties, this protein is extensively studied by many food researcher and nutritionist in the past. This review summarizes the importance of β-lactoglobulin in the food processing industry and also the effect of various processing conditions on the structure and function of this protein. This review will also helpful for the pharmaceutical industry as this protein gives a new direction on its use as a novel receptor since this protein is known to accommodate many hydrophobic ligands in its β-barrel which is hydrophobic in nature. Also, it can give shelter to many acid-sensitive drugs which are otherwise degraded in the extreme acidic condition of the stomach.