The current state, prospects for using and priorities in studying multifunctional protein lactoferrin (LF) in the food industry are discussed. Over the last decades, the studies of iron-binding, antibacterial, antiviral and antiparasitic properties of this representative of transferrins have determined quite a wide sphere of its use. The data on the lactoferrin composition, structure and activity are presented. The authors describe the modern methods for lactoferrin extraction and production from dairy raw materials both in the domestic and foreign productions using chromatographic methods for extraction and membrane methods for production. The practical experience in its application for food production, in particular, for meat and fermented dairy products, child and sports nutrition is discussed. An effect of technological process parameters in food production on the LF activity is highlighted. The study analyses an influence of new processing technologies such as high pressure or pulsed electric field in combination with classic methods for thermal processing and drying on the structure and activity of lactoferrin in food. The reviewed studies show that the use of lactoferrin in the meat industry, especially, in finished meat products, has limitations. The data presented in the review suggest a need for searching ways of lactoferrin introduction into meat systems to obtain functional products. One of the top-priority method for LF incorporation into meat products is LF encapsulation as one of the production stages.