Phytic acid (myo‐inositol hexaphosphate) constitutes 1‐3% of most plant seeds. Its tremendous chelating potential and its effects on the absorption of polycationic nutrilites such as Ca2+, Zn2+ and Fe3+ have been the subject of intense investigation for several decades. Yet in the American literature there is virtually no information available on other chemical properties of phytic acid or on its beneficial utilization. This review summarizes the present medical, dental, nutritional and industrial applications of phytic acid and suggests additional novel uses for this inexpensive and easily obtained chemical.