Plasma-activated water (PAW) is water that has been treated with atmospheric pressure plasma. Due to the presence of reactive oxygen and nitrogen species (RONS), PAW can be used in various applications such as (1) surface disinfection and food decontamination, (2) enhancement in seed germination, and (3) enhancement in surface cooling in the nucleate boiling regime. Briefly, for surface disinfection, the reactive species in PAW can induce oxidative stress on microbes; for enhancement of seed germination, the reactive species in PAW can trigger seed germination and provide nutrients; for enhancement in surface cooling, the reactive species cause a reduction in the surface tension of PAW, facilitating the phase-change heat transfer and, quite unexpectedly, minimizing the surface oxidation. Here, we review the physicochemical properties of PAW, the three commonly used techniques (plasma jet, dielectric barrier discharge, and corona discharge) for generating atmospheric pressure plasma, and the use of PAW for the above three applications. In particular, we review the recent development of the miniaturization of the plasma generator integrated with an acoustic neutralizer to produce plasma-activated aerosols, elimination of the need for storage, and the interesting physicochemical properties of PAW that lead to cooling enhancement.