N-Formyl-L-phenylalanine is primarily used in peptide synthesis as a protecting group for the amino acid phenylalanine. It helps in preventing unwanted side reactions during the formation of peptide bonds. This compound is also utilized in biochemical research to study enzyme mechanisms, particularly those involving formyl group transfer. Additionally, it serves as a precursor in the synthesis of various pharmaceutical compounds, contributing to the development of drugs targeting specific biological pathways. Its role in mimicking natural peptides makes it valuable in the study of protein interactions and cellular signaling processes.