Squalene (SQ), the sterol precursor in all cell types, is a functional lipid of high importance, as currently an array of benefits to human health are recognized. It has chemopreventive and photooxidative properties, it protects human from coronary heart diseases and is also used to maintain skin health. Technological properties of SQ have been widely appreciated in fields beyond human consumption. Moreover, SQ forms stable nanoemulsions and, as found in several conformations, it forms SQ-drug conjugates with improved properties and potentially can be used as an important bioactive ingredient carrier. As far as food applications are concerned, its thermal stability and contribution in the stability of frying oils are well established. All of the above properties increased both food and non-food SQ applications so that its current demand in food, pharmaceuticals and cosmeceuticals is getting higher. Sharks, the richest SQ source, are endangered species. Consequently, the need for search of new SQ sources, mainly of plant origin, is increased. Biotechnology gives also some interesting alternatives. In this review article, the most recent patents regarding SQ extraction, production as well as its food-related applications are presented. Squalane, the hydrogenated counterpart of squalene, is also discussed.