Compared to native protein monomers, β-lactoglobulin amyloid fibrils (β-LAFs) produced through strong acidic and high thermal conditions possess unique nutritional, technological, and physicochemical attributes, but there is yet inadequate comprehensive information about the architecture, preparation, and characterization for their wide consumption. In this review, we summarize recent progress in the generation, characterization, and application of β-LAFs. A holistic viewpoint is adopted to provide an in-depth, critical, and readable document useful to a broad community in chemistry, food, material science, medical, and environmental sciences. β-LAFs, as emulsifying and gelling agents, possess tremendous potential in bioactive/drug delivery, tissue engineering, food packaging, antioxidant/antibacterial/antiviral materials, environmental applications, etc. In this review, we set: (i) to highlight structural, physicochemical, and techno-functional properties of β-LAFs alongside the critical factors in the protein fibrillation process, (ii) to tabulate a large number of characterization techniques to understand various properties of β-LAFs, (iii) to consolidate the most important and up-to-date information from the field of β-LAF applications (like chemistry, food, material science, medical, environmental, etc.); and to reflect these progresses in one, comprehensive study, (iv) and finally, to broadly reflect on the difficulties with application of β-LAFs.