Phytic acid (PA), extracted from oilseeds, legumes, cereals, nuts, and pollen by acid solutions under heating and/or stirring and then purified, has shown beneficial health and physiological effects due to its pronounced antioxidant activity and ability to chelate Fe3+ ions. Publications on PA have increased, especially the ones reporting its effect on disease prevention and treatment. Moreover, recent studies have suggested the PA efficacy as a foodborne pathogens inhibitor. Therefore, due to its countless proven properties, phytic acid has gained greater attention than its common classification as just an antinutrient. Past and current studies have been reviewed to provide an overview on PA structure, sources, biosynthesis, extraction, purification, and applications.