Platelet activating factor (PAF) is a potent biological mediator involved in platelet aggregation, inflammation, and anaphylaxis. It is synthesized from precursor phospholipids in cell membranes by phospholipase A2 and a PAF-acetyltransferase. PAF exerts its effects by binding to specific receptors on platelets and other cells. It is degraded by PAF acetylhydrolase which hydrolyzes the acetyl group from PAF. Clinical uses of understanding PAF include treating inflammatory disorders and managing allergic reactions through modulation of its mechanisms of action and synthesis pathways.