Phospholipids (PLs) are amphiphilic molecules that are in charge of controlling what goes in or out of the cell, keeping up the structure and numerous associated functions. These primary molecules are not only the integral part but also a vastly diverse group of molecules present in microorganisms, plants, and animals. PLs provide rigidity, signal transduction, energy to cells. PLs such as lecithins are molecules of future food, medicine and cosmetic industry. PLs are used in fat and oil refining and these are also used as carriers in drug and drug delivery system. Of course, challenges are there in the assay of phospholipids because of their availability of hydrophobic and hydrophilic components in the same environment. This review is mainly focused to unveil the function, characteristics, features and applications of PLs in various fields.