This review traces the road leading to the demonstration of a variety of kojic acid chemical and biological properties. It illustrates the biological effects of several synthetic kojic acid derivatives. Besides the main capability of kojic acid to inhibit the activity of tyrosinase in melanin synthesis, the focus is also on antibacterial, antifungal, antiproliferative, anti-inflammatory, and other biological activities of kojic acid derivatives, which may be applicable in medicine. Kojic acid derivatives manifest antiparasitic effects and its metal complexes may serve as potential radioprotective agents. Several kojic acid derivatives exert antidiabetic therapeutic potential as nuclear peroxisome proliferator-activated receptor alpha/gamma dual agonists. Kojic acid derivatives show pancreatic lipase inhibitor properties and some of its derivatives are cognate ligands for the histamine H 3 receptor. Recently, "KojoTacrines" were reported as novel perspective preparations for the therapy of Alzheimer's disease. Kojic acid derivatives possess insecticidal or pesticidal activity, and they are powerful chelators, able to form iron(III) containing nanocomposites, as well. Toxicology and health aspects of products containing kojic acid produced by the cosmetic, health care, or food industry are summarized. Kojic acid thus represents a highly attractive molecule containing a skeleton that allows the synthesis of new kojic acid derivatives to create a novel class of effective and specific pharmaceutical preparations.