Bovine colostrum is necessary for newborn calves to survive, grow and receive immunity from their mother. Cows in Korea produce about 35kg of colostrum, 4Kg of which is fed to the calf, and the rest is discarded. The bovine colostrum causes the harmful side effects to human, such as allergies and digestive problems; so, it is prohibited by law to consume colostrum itself as a food. However, many scientific research data have suggested that components in the colostrum can improve human health and has the ability to help treat diseases. In line with the trend of food and pharmacy industries using natural product materials, which attract positive attention, recently, some ingredients in colostrum have been used in the production of food supplements, and it has been used in its raw form in some cosmetics. This review introduces the active ingredients and physiologically active substances contained in bovine colostrum, summarizes the efficacy of physiological enhancement of the colostrum, which has been proven by scientific methods to date, and also suggests the possibility of industrial applications of colostrum as an animal-derived natural material.