Lysergol is used in pharmaceutical research for its structural similarity to certain psychoactive compounds. It exhibits activity as an inhibitor of certain serotonin receptors, potentially aiding in the development of new treatments for psychiatric disorders such as depression or bipolar disorder.

Additionally, it serves as a precursor in the synthesis of ergot alkaloids, such as ergotamine, which possess vasoconstrictive properties and are used medically to treat migraines.

In plant science, lysergol is investigated for its antifungal effects and potential to enhance plant resistance to certain pests, owing to its natural occurrence in some fungi and plants.

However, practical applications are limited due to regulatory restrictions, low availability, and the need for further research to confirm safety and clinical efficacy.