Lactoferrin (Lf) is a glycoprotein belonging to the transferrin family, which can be found in mammalian milk. It was first isolated from bovine milk in the 1930s, and later in the 1960s, it was determined from human milk. This multifunctional protein has the specific ability to bind iron. It plays various biological roles, such as antibacterial, antiviral, antifungal, anti-tumour, anti-obesity, antioxidant, anti-inflammatory and immunomodulatory activities. There are several studies describing its use against in various cancer cell lines (e.g., liver, lung and breast) and the glycoprotein has even been reported to inhibit the development of experimental metastases in mice. Previous studies also suggest Lf-mediated neuroprotection against age-related neurodegenerative diseases and it is also expected to attenuate aging. More recently, Lf has been proposed as a potential approach in COVID-19 prophylaxis. In this review, we discuss the recent developments about the biological activities of this pleiotropic glycoprotein that will reason the exploitation of its biomedical and supplementary nutritional value.