The supplementation of food products with iron is a useful approach to redressing its inadequate intake in many populations. The iron-lactoferrin complex (FeLf) is a common food ingredient because of its iron solubilizing capability in the presence of hydrogen carbonate ions. FeLf is a useful food product for iron and lactoferrin fortification, preventing anaemia with no risk of toxicity. This review focuses on the recent advances in FeLf regarding the structural features of the complexiation of FeLf, the thermal stability of FeLf in the applications to food products, and the suppressing effect of FeLf on the iron-catalysed off-flavor formation. The findings also encompass the beneficial effects on central nerve system, such as mental stress and the subjective symptoms associated with menstruation. The research stream of FeLf provides the beneficial findings in applications of FeLf to foods and neutraceuticals.