Is phytic acid (IP6) an undesirable constituent for vegetables and foods? This question is getting harder to answer. Phytic acid contributes to mineral/protein deficiency, but also brings about potential physiological benefits. Both the positive and negative effects boil down to the interactions among IP6, metal ions, and biopolymers. In the wake of the booming market of plant‐based foods, an unbiased understanding of these interactions and their impacts on the foods themselves is a necessity to the smart control and utilization of plant‐sourced phytates. This overview presents updated knowledge of IP6‐related interactions, with a strong focus on their contributions to food functionality, processability, and safety.