Tris(2,3-dibromopropyl) isocyanurate (TBC or TDBP-TAZTO) belongs to the group of brominated flame retardants (BFRs). The production of this compound is increasing due to the growing demand and wide application in electrical, electronic, musical instrument, and automotive component industries. The properties of TBC, e.g., the high octanol–air partition coefficient (Koa), high octanol–water partition coefficient (Kow), and high bioconcentration factor (BCF), indicate a possibility of its spread in aquatic and terrestrial ecosystems and bioaccumulation in living organisms. The presence of TBC has been confirmed in soil, sediments, river water, and such materials as microplastic, curtains, and e-waste devices. The compound has potential to bioaccumulate in the food chain of living organisms. TBC has been demonstrated to exert a harmful effect mainly on the nervous and endocrine systems, lungs, and liver. The possible mechanism of toxicity of the compound in the nervous system is based on the generation of oxidative stress by TBC leading to apoptosis of neuronal cells, while mitochondrial damage is considered to be responsible for changes in the respiratory organ. Moreover, the potential of mussels and earthworms to be bioindicators of TBC has been proven. Therefore, the literature review is focused on TBC properties and analysis of the identification and impact of the compound on the environment, living organisms, and human cell lines. Given the many toxic effects of TBC highlighted in the literature, there is a need for more profound research on the safety of TBC and methods for identification and degradation of this compound.