β-Glucan is a valuable functional ingredient and various extraction techniques are available for its extraction. Choice of an appropriate extraction technique is important as it may affect the quality, structure, rheological properties, molecular weight, and other functional properties of the extracted β-glucan. These properties lead to the use of β-glucan into various food systems and have important implications in human health. This review focuses on the extraction, synthesis, structure, molecular weight, and rheology of β-glucan. Furthermore, health implications and utilization of β-glucan in food products is also discussed.