Yarrowia lipolytica is a non-pathogenic generally regarded as safe yeast. It displays unique physiological as well as biochemical properties that are relevant in food-related applications. Strains naturally associated with meat and dairy products contribute towards specific textures and flavours. On some occasions they cause food spoilage. They produce food-additives such as aroma compounds, organic acids, polyalcohols, emulsifiers and surfactants. The yeast biomass has been projected as single cell oil and single cell protein. Y. lipolytica degrades or upgrades different types of food wastes and in some cases, value-added products have also been obtained. The yeast is thus involved in the manufacture of food stuffs, making of food ingredients, generation of biomass that can be used as food or feed and in the effective treatment of food wastes. On account of all these features, this versatile yeast is of considerable significance in food-related applications.