This review article addresses the state-of-the-art of egg yolk lecithin based on several aspects of molecular structures, extraction methods, functional activities and liposomes applications. Egg yolk lecithin are amphiphilic molecules, which structure is mainly composed of glycerol, phosphate acid and fatty acids through acyl group bond. According to lecithin base group, there are six kinds of lecithin, including phosphatidylcholine (PC), phosphatidylethanolamine (PE), phosphatidylinositol (PI), phosphatidylserine (PS), phosphatidic acid (PA), and phosphatidylglycerol (PG). Organosolvent extraction and supercritical CO2 extraction are the common approaches for egg yolk extraction. It has been investigated that egg yolk lecithin has many physiological biological activities, such as anti-oxidation, anti-microbial, anti-inflammatory, nueroprotection, and cardiocerebral vascular protection. Finally, the clasification of lecithin liposomes and its application are briefly presented in this review article. We are undoubtedly sure that this review will pave the way towards R&D of egg yolk lecithin in future.