Laccases are multicopper proteins that use molecular oxygen to oxidize a broad spectrum of organic compounds by a radical-catalyzed reaction mechanism. Many articles over the past 15 years have touted the diverse potential applications of laccase in various biotechnological processes. This review covers the natural roles of the enzyme, its structural properties, substrates, reaction mechanism, and inhibitors, as well as its applications regarding the detoxification and bioremediation of polluted wastewaters and soils. Other applications are briefly covered as well. The authors critically assess the advantages, shortcomings, and future needs relating to laccase availability, effectiveness, and cost-efficiency, and also provide numerous references to the many divisions of research into this multifaceted enzyme.