Squalene is a natural triterpene and an important intermediate of sterol and hopanoid biosynthesis in various types of cell from bacteria to human. Synthesis and further conversion of squalene are key steps in the metabolism of sterols and related components. Here we summarize the recent knowledge of squalene biochemistry, its molecular properties, and its physiological effects. We compare squalene biosynthetic pathways in different cell types and describe biotechnological strategies to isolate this lipid. Finally, applications of squalene in nutrition, pharmacy, and medicine are discussed.