Propolis is a plant derived bee product which serves dual purposes in the honeybee colony: building material and protective substance. Propolis has been used as remedy in the traditional medicine of numerous nations, because of its antimicrobial, antioxidant, and many other beneficial pharmacological actions. In this chapter, the results of the newest (in the last 5 years) chemical studies of propolis from different geographic and plant origin are reviewed, together with the new identified source plants: 152 new constituents of propolis, being 57 new chemical entities, and 12 new chemical types of propolis are listed. The importance of propolis for the bee colony is discussed, with special attention to the activity of propolis and its constituents against bee pathogens and parasites. The review of recent propolis literature demonstrates its potential to serve as a source of new chemical structures and new bioactive compounds due to its chemical diversity. It also reveals the potential of propolis to be used for development of innovative products, mainly in the field of food industries, animal husbandry, and beekeeping. For this to happen, the combined efforts of researchers and technologists from different areas are necessary, in order to make better use of bee glue.