Lawsone, also known as 2-hydroxy-1,4-naphthoquinone, has been extensively studied and found to be a crucial precursor in the production of a diverse range of natural products like molecular scaffolds, which are highly sought after for biological research purposes. Due to its unique chemical composition, Lawsone has been utilized for over a century as a starting material for the synthesis of numerous biologically active molecules and materials, showcasing intriguing properties across a wide range of scientific and technological applications. Additionally, Lawsone has been widely used in organic synthesis processes, with its various applications. The recent advances in the synthesis of different scaffolds starting from Lawsone and their applications are being discussed in details in the current review covering the literature during the period of 2017-2023.