Bovine lactoferrin (BLF), as an important iron-binding glycoprotein in mammalian milk, has a broad application prospect in the fields of food, medicine and nutraceuticals. This article briefly introduces the structural characteristics of BLF, and systematically summarizes its various biological functions including antibacterial, immunomodulatory, antioxidant, antiviral, antitumor and its mechanism of action. Meanwhile, it reviews the techniques currently used to extract BLF with special reference to their advantages and disadvantages. Finally, the current research hotspots and prospects of BLF are analyzed. This review provides a theoretical reference for the in-depth understanding of the biological properties of BLF and for its industrial development, thereby advancing its application in functional foods and foods for special medical purposes