The Maillard reaction is a complex chemical reaction that occurs between nucleophilic groups, such as thiolates or amino groups primarily from amino acids, peptides, proteins, and carbonyl groups, particularly from reducing sugars. The pH value of the medium is a key parameter controlling the kinetics of the Maillard reaction, as it influences the concentration of nucleophilic groups. Other specific conditions of reaction medium such as temperature, reaction time (or residence time in a process), and water activity also significantly influence the Maillard reaction. Understanding the impact of these parameters is essential for optimizing the Maillard reaction to enhance sensory attributes, nutritional qualities, and product stability during the storage and distribution of the final products. The Maillard reaction is responsible for the formation of desirable sensory qualities such as flavor, aroma, color, and texture in cooked and thermally processed foods, in addition to the improvement of nutritional value and shelf life of foods. In contrast, there are limitations in its industrial applications, as it can also generate harmful compounds such as acrylamide, N(6)-carboxymethyllysine, furans, and heterocyclic amines, as well as undesired changes in the nutritional value of the food. This review provides an overview of the Maillard reaction’s mechanism, influencing parameters, pros and cons, as well as some food industrial applications.