Used primarily in the synthesis of Prussian blue and related pigments, this compound serves as a key reagent in analytical chemistry for detecting the presence of certain metal ions. It is also employed in the preparation of anti-caking agents for food-grade salts, helping to maintain free-flowing properties. In industrial applications, it acts as a precursor in the production of ferricyanide-based redox mediators used in electrochemical processes. Additionally, it finds use in photography and blueprint paper due to its light-sensitive properties, enabling image development through photoreduction.