Mee (Madhuca longifolia (Koenig) J.F. Macb. var. longifolia) is a salient economic tree spread throughout the subtropical region of the Indian subcontinent. Its seed constituents have distinctive chemical properties and thus extracted fat have distinctive nutritional and functional characteristics. This seed fat is edible and can Meet the fat requirements of a human diet in an economical way. Research on potential utilizations, understanding of the chemical composition, and nutritionally beneficial properties and industrial applications of Mee fat are important for efficient utilization. There are some reports available on potential applications of Mee fat in the food-processing industry. But, presently, it can only be considered as an underutilized seed fat. In India, Mee fat is used for edible purposes to a certain extent and similarly in Sri Lanka. Therefore, more scientific research should be conducted on Sri Lankan Mee varieties for edible purposes. Popularization of this valuable fat source is important. Scientific knowledge and agricultural tools have been effectively applied to make Mee fat beneficial for commercial applications. This review article summarizes recent research and studies available on botany, phytochemistry, functional properties, processing as well as food and other industrial applications of Mee fat.