[en] Buttermilk, the by-product from butter manufacture, is low cost and available in large quantities but has been considered for many years as invaluable. However, over the last two decades it has gained considerable attention due to its specific composition in proteins and polar lipids from the milk fat globule membrane (MFGM). The aim of this review is to take stock of current buttermilk knowledge. Firstly, the milk fat globule membrane composition and structure are described. Secondly, buttermilk and its associated products are defined according to the milk fat making process. Structure and mean composition of these products are summarized from recent dairy research data and related to technological properties, especially the emulsifying properties provided by MFGM components. Finally, new applications are presented, leading to promising valorizations of buttermilk and its derivate products.