Albumin is the most abundant plasma protein, accounting for approximately 50% of total serum protein in healthy individuals. In recent years, albumin has attracted significant attention due to its biocompatibility, non-toxicity (metabolizing in vivo into harmless degradation products), non-immunogenic properties, ease of purification, and water solubility. These characteristics render it an ideal candidate for a wide range of biomedical applications. Its uses include drug delivery systems, wound healing, antioxidant therapies, infusion treatments, COVID-19 therapeutics, tissue engineering, and other critical care domains. Consequently, the global demand for albumin has been steadily increasing. The international albumin market was valued at USD 5394.9 million in 2021 and is projected to reach USD 9192 million by 2030, with a compound annual growth rate (CAGR) of 6.1%. Given its diverse applications and rising demand, substantial efforts have been made to ensure a sustainable supply of albumin. This review provides an overview of albumin, along with its novel applications, purification methods, and market trends.