Obesity is one of the most serious public health problems, and the development and metabolism of adipocytes are closely related to obesity. As a multifunctional glycoprotein, lactoferrin has a variety of physiological activities and can regulate the development and metabolism of adipocytes by regulating their proliferation and differentiation, the expression levels of lipid metabolism-related genes, and the expressions of adipocytes and inflammatory factors. This article reviews recent progress in research on the role of lactoferrin in regulating the physiology of adipocytes and the underlying mechanism, and proposes future research directions and focuses on the role of lactoferrin in regulating the development and metabolism of adipocytes. It is anticipated that this paper will provide a basis for further research on the functions of lactoferrin and its industrial applications.