Laponite^® (LAP) is an intensively studied synthetic clay due to the versatility given by its layered structure, which makes it usable in various applications. This review describes the multifaceted properties and applications of LAP in aqueous dispersions and gel systems. The first sections of the review discuss the LAP structure and the interactions between clay discs in an aqueous medium under different conditions (such as ionic strength, pH, temperature, and the addition of polymers) in order to understand the function of clay in tailoring the properties of the designed material. Additionally, the review explores the aging phenomenon characteristic of LAP aqueous dispersions as well as the development of shake-gels by incorporating LAP. The second part shows the most recent studies on materials containing LAP with possible applicability in the drilling industry, cosmetics or care products industry, and biomedical fields. By elucidating the remarkable versatility and ease of integration of LAP into various matrices, this review underscores its significance as a key ingredient for the creation of next-generation materials with tailored functionalities.