Biliverdine is primarily known for its role in the breakdown of heme, but it also has significant biological and potential therapeutic applications. It acts as a potent antioxidant, helping to neutralize reactive oxygen species and reduce oxidative stress in tissues. This property makes it of interest in protecting cells during inflammatory conditions and ischemia-reperfusion injury, such as in stroke or heart attack. In biomedical research, biliverdin is used as a biomarker for heme catabolism and liver function. Its conversion to bilirubin by biliverdin reductase is a key step in detoxification processes, and monitoring this pathway can provide insights into metabolic and liver diseases. Emerging studies explore biliverdin’s anti-inflammatory and cytoprotective effects in organ transplantation, where it may help reduce graft rejection and improve outcomes. It is also being investigated in imaging applications, as it can be detected in vivo and used in reporter systems, especially when linked to near-infrared fluorescence techniques for tracking biological processes in real time. Due to its natural origin and low toxicity, biliverdin holds promise as a therapeutic agent in conditions involving oxidative damage, including neurodegenerative diseases and chronic inflammatory disorders.