The World Health Organization in 2021 ranked Alzheimer’s disease and other dementias as the seventh leading cause of death globally. Neurodegenerative disorders are progressive, intractable, and often fatal diseases. Early diagnosis may allow patients to enjoy prolonged survival with attenuated symptomatology because of early intervention. Hence, further research on finding non-invasive biomarkers of neurodegenerative diseases is warranted. Apolipoprotein D (ApoD) is a glycoprotein involved in lipid metabolism, oxidative stress regulation, and inflammation. It is expressed in various body fluids and regions of the central nervous system. ApoD’s roles in neuroprotection, lipid transport, and anti-inflammatory processes are crucial as far as the prevention of neurodegenerative pathologies is concerned. This review aims to summarize the background knowledge on ApoD, and it covers studies indexed in the PubMed, Scopus, and Web of Science databases. It discusses the evidence for the multifaceted roles of ApoD in the mechanisms and pathogenesis of multiple sclerosis, Alzheimer’s disease, and Parkinson’s disease. ApoD may be a specific, sensitive, easily obtained, cost-effective biomarker for neurodegenerative diseases and its applications in diagnostic practices, treatment strategies, and advancing neurodegenerative disorders’ management.