Basil seed gum (BSG) is a new hydrophilic colloid of natural plant origin. Extracted from basil seeds, it possesses excellent functional characteristics in terms of emulsification, rheology, gelation, stability, and adsorption, which are just as favorable as those of certain commercial gums. Besides, BSG has been widely used in food, medicine, industry, and many other fields for its physiological functions of weight reduction, detoxification, and control of blood sugar and cholesterol as a good dietary fiber. In this paper, we analyzed and discussed the extraction procedures, composition structures, functional characteristics, and modification strategies of BSG. In addition, we summarized the latest research on the applications of BSG in different industries to provide theoretical references for the high-value processing and utilization of BSG.