Long non-coding RNAs (lncRNAs) are a recently discovered class of non-coding RNAs with a length of more than 200 nucleotides. Dysregulation of lncRNAs has been implicated in the development and progression of various human diseases and has pivotal functions in diverse biological processes, like cell apoptosis, proliferation, migration, and invasion. LncRNAs are increasingly being identified as potential targets for clinical applications based on their functional mechanisms, which are gradually being elucidated. One such disease-related lncRNA is the forkhead box P4-AS1 (FOXP4-AS1), which is abnormally expressed in multiple human diseases, including cancer and non-cancerous diseases. Moreover, FOXP4-AS1’s expression is linked with the clinical characteristics of patients. Mechanistically, FOXP4-AS1 mediates several cellular processes mainly through its target genes. Therefore, FOXP4-AS1 has been extensively investigated for its diagnostic, prognostic, and therapeutic potential. In this review, we discuss the expression patterns, major role, and molecular mechanisms of FOXP4-AS1, along with its association with clinical features and potential applications in clinical settings.