Lactic acid is a naturally occurring organic acid that can be used in a wide variety of industries, such as the cosmetic, pharmaceutical, chemical, food, and, most recently, the medical industries. It can be made by the fermentation of sugars obtained from renewable resources, which means that it is an eco-friendly product that has attracted a lot of attention in recent years. In 2010, the U.S. Department of Energy issued a report that listed lactic acid as a potential building block for the future. Bearing the importance of lactic acid in mind, this review summarizes information about lactic acid properties and applications, as well as its production and purification processes.