This review presents a complete picture of current knowledge on 2-methyloxolane (2-MeOx), a bio-based solvent for the extraction of natural products and food ingredients. It provides the necessary background about the properties of 2-MeOx, not only its solvent power and extraction efficiency, but its detailed toxicological profile and environmental impacts are discussed. We compared 2-MeOx with hexane which is the most used petroleum-based solvent for extraction of lipophilic natural products. The final part focuses on successful industrial transfer, including technologic, economic, and safety impacts. The replacement of petroleum-based solvents is a hot research topic, which affects several fields of modern plant-based chemistry. All the reported applications have shown that 2-MeOx is an environmentally and economically viable alternative to conventional petroleum-based solvents for extraction of lipophilic foodstuff and natural products.