Lichens have long been recognized for their therapeutic potential in traditional medicine; however, their secondary metabolites remain far less explored pharmacologically compared to plant-derived bioactive compounds. This review aims to highlight the chemistry and pharmacological applications of the lichen metabolite vulpinic acid (VA). Relevant literature was retrieved from scientific databases including Scopus, PubMed, and Google Scholar using the keyword “vulpinic acid,” and additional information was gathered through cross-referencing. Historically, VA was first noted for its toxic effects on wolves and foxes, but subsequent studies have revealed its diverse biological activities. It has demonstrated cytotoxic effects against several cancer cell lines, particularly breast and lung cancers, and has shown efficacy against a range of microbial pathogens as well as potential benefits in metabolic disorders. Beyond its direct pharmacological activities, VA is also of interest in medicinal chemistry as a precursor for the synthesis of various bioactive molecules, and methods for its chemical synthesis have been developed to enable commercial production. To date, most studies on VA have been conducted in vitro. Further research in advanced preclinical models is essential to evaluate its therapeutic potential and support its development as a viable drug candidate. Keywords: Letharia vulpina; Anticancer; Natural pigment; Antifeedant; Pulvinic acid.