The marine macroalgae produce a collection of bioactive polysaccharides, of which the sulfated heteropolysaccharide fucoidan produced by brown algae of the class Phaeophyceae has received worldwide attention because of its particular biological actions that confer nutritional and health benefits to humans and animals. The biological actions of fucoidan are determined by their structure and chemical composition, which are largely influenced by the geographical location, harvest season, extraction process, etc. This review discusses the structure, chemical composition and physicochemical properties of fucoidan. The biological action of fucoidan and its applications for human health, tissue engineering, regenerative medicine and drug delivery are also addressed. The industrial scenario and prospects of research depicted would give an insight into developing fucoidan as a commercially viable and sustainable bioactive material in the nutritional and pharmacological sectors.