Siderophores are metal-binding compounds that are of low molecular weight, high affinity, produced by living organisms to obtain iron under limiting environmental conditions. Iron plays a critical role in respiration, enzymatic processes, synthesis of DNA and redox balance but the bioavailability of iron is severely limited in aerobic conditions because it forms insoluble ferric complex. To mitigate this drawback, microorganisms, plants and even mammals synthesize siderophores which bind to the ferric ions and deliver them to the cell via special receptor-mediated processes. In addition to the iron-acquiring properties, siderophores are also involved in heavy metal detoxification, interspecies competition, pathogenesis, and various industrial and biomedical uses. Their spectacular structural diversity mostly the catecholates, hydroxamates, and carboxylates control their metal specificity, stability constants and transport route. The review describes the variety of siderophores in terms of chemistry and biological synthesis, the key approaches to their production and extraction, and their growing role in agriculture, the environment, medicine and biotechnology.