Lignin is an abundant, renewable, and relatively cheap biobased feedstock that has potential in energy, chemicals, and materials. Kraft lignin, more specifically, has been used for more than 100 years as a self-sustaining energy feedstock for industry after which it has finally reached more widespread commercial appeal. Unfortunately, hardwood kraft lignin (HWKL) has been neglected over these years when compared to softwood kraft lignin (SWKL). Therefore, the present work summarizes and critically reviews the research and development (R&D) dealing specifically with HWKL. It will also cover methods for HWKL extraction from black liquor, as well as its structure, properties, fractionation, and modification. Finally, it will reveal several interesting opportunities for HWKL that include dispersants, adsorbents, antioxidants, aromatic compounds (chemicals), and additives in briquettes, pellets, hydrogels, carbon fibers and polymer blends and composites. HWKL shows great potential for all these applications, however more R&D is needed to make its utilization economically feasible and reach the levels in the commercial lignin market commensurate with SWKL. The motivation for this critical review is to galvanize further studies, especially increased understandings in the field of HWKL, and hence amplify much greater utilization.