Over the last few decades, polysaccharides have gained increasing attention in the biomedical and drug delivery fields. Among them, glucomannan (GM), has become a particularly attractive polymer. In this paper, we review the physicochemical and biological properties which are decisive for the exploitation of GM as a biomaterial. These properties include the structural organization, molecular weight, solubility, viscosity, gelling properties and degradation behavior. Moreover, herein we analyze the possibilities of combining GM with other hydrophilic polymers, as well as the preparation of semisynthetic derivatives of GM, which may be of interest in the pharmaceutical context. Finally, we discuss the specific applications of GM in the drug delivery field.