Hexagonal boron nitride (h-BN) has become a prominent subject of investigation among 2D materials due to its outstanding optoelectric properties, as well as its remarkable mechanical robustness, thermal stability, and chemical inertia. Sharing structural similarities with graphite, h-BN has sparked curiosity about how it can be synthesized and applied in innovative ways. This chapter offers a comprehensive examination of the advantages and disadvantages of many synthesis methods. Its great biocompatibility and low cytotoxicity make it especially useful for temperature management, lubrication, biomedical uses, and catalysis. The most recent developments in h-BN functionalization are also investigated for some uses. The chapter emphasizes present trends and future directions, as well as crucial knowledge for academics and business professionals on how to maximize h-BN in several technical fields.