The species of green macroalga belonging to the genus Ulva (family: Ulvaceae) are utilized in various fields, from food supplements to biomedical applications. Ulvan, a polysaccharide obtained from various Ulva species, has shown various biological activities, including antioxidant, anti-inflammatory, anticancer, antibacterial, and antiviral activities. To obtain the polysaccharide ulvan that can be utilized in various fields, it is necessary to understand the critical points that affect its physicochemical nature, the extraction procedures, and the mechanism of action for biological activities. This article discusses the physicochemical properties, extraction, isolation and characterization procedures and benefits in food and biomedical applications of ulvan. In conclusion, ulvan from Ulva sp. has the potential to be used as a therapeutic agent and also as an additional ingredient in the development of tissue engineering procedures.