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Since its discovery, phytic acid has been categorized as an antinutritional component in cereals and legumes. Research has traditionally focused on its unique structure that gives it the ability to bind minerals, proteins, and starch, and the resulting detrimental effects. Phytic acid (PA) has also been attributed to high phosphorus excretion by monogastric animals and the resulting environmental problems of phosphorus pollution of water and soil. Although all of these concerns are valid, the development of phytases has offered solutions to overcome some of these adverse effects. With more understanding of the effects of phytic acid, many of the adverse effects can be overcome. In addition, more recent research has proposed that the same properties that labeled phytic acid as an antinutrient may in fact be responsible for a wide range of benefits. Many new areas for phytic acid utilization including medical and industrial applications have been proposed. This review will give a general overview of the structure and function of phytic acid and phytases, phytic acid as a component of food and animal feed, industrial applications, and medicinal qualities in order to better understand the complete phytic acid system.