Phycocyanine (PC) is a water-soluble, non-toxic and bioactive (antioxidant, anti-inflammatory, antitumor, etc.) phycobiliprotein isolated, mainly, from cyanobacteria. Due to its several properties, PC is considered to be a rising biomolecule for Industrial exploitation, and has become an important research axis in order to promote its production, and optimize its biotechnological applications. The aim of this review article was to discuss the basic, and recent properties and applications of PC, and to bring together data on various aspects of PC stabilization, and PC nanopar-ticles formulation. In addition, an overview of the main structural characteristics and process-ses of PC extraction and purification were also discussed. The recent scientific research findings concluded that PC is a promising both functional, and bioactive additive in industry, especially, in food as a dye, in imaging as a fluorescent labeling agent, and in the phar-maceutical and nano-pharmaceutical field as a bioactive molecule and nanopar-ticles, particularly, due to it antitumor capacity. Phycocyanine is, thus, a promising bio-active molecules in pharmacological, and medical fields.