Intralipid is a material widely employed for the preparation of phantoms for optical imaging and biophotonics applications in medical field. The development of new optical diagnostic equipment in these fields requires the use of well-designed phantoms with optical properties (including scattering and absorption) mimicking those of biological tissues in all the pre-clinical stages of investigations. For this reason, great research effort has been devoted to optically characterize Intralipid and at preparing optimal phantoms. In this short review, we summarize the principal physico-chemical characteristics of Intralipid and the main contributions in the assessment of its scattering and absorption properties. In addition, the most largely used Intralipid-based homogeneous and non-homogeneous phantoms are discussed. Even though other materials are available for the preparation of phantoms, the use of Intralipid still offers an inexpensive and easy-to-use method for preparing phantoms with finely tuned optical properties.