Conventional organic solvents (e.g., methanol, ethanol, ethyl acetate) are widely used for extraction, reaction, and separation of valuable compounds. Although these solvents are effective, they have disadvantages, including flammability, toxicity, and persistence in the environment. Deep eutectic solvents (DESs) are valued for their biodegradability/low impact on the environment, low cost, and ease of manufacture. The objective of this review was to provide an overview of applications of DES in food chemistry, specifically in regard of extraction of polyphenols (e.g., anthocyanin, rutin, kaempferol, quercetin, resveratrol), protein, carbohydrates (e.g., chitin, pectins), lipids and lipid-soluble compounds (e.g., free fatty acids, astaxanthin, β-carotene, terpenoids), biosensor development, and use in food safety (pyrethroids, Sudan I, bisphenol A, Pb2+, Cd2+, etc.) over the past five years. A comprehensive analysis and discussion of DES types, preparation, structures, and influencing factors is provided. Furthermore, the potential and disadvantages of using DESs to extract biomolecules were assessed. We concluded that DES is a viable alternative for extracting polyphenols, carbohydrates, and lipids as well as use in food safety monitoring and biosensor development. However, more work is needed to address shortcomings, and determine whether using compounds extracted with DES can be consumed safely.