The chemical structure of 5-hydroxymethyl-2-furfural (HMF), its physicochemical properties and reactions that lead to the synthesis of HMF were discussed. Special attention was paid to HMF formation in food during processing. The potential applications of this compound in industry were described as well. Moreover, this review outlines the most important sources of HMF in human diet and estimates the potential daily intake of HMF by consumers. The known and suggested metabolic pathways, as well as the impact of HMF and its metabolites on human health are also discussed.