This article emphasizes the multifunctional properties of the bovine milk whey proteins, starting with the colostrum where these proteins occur in high concentrations and are reputed as responsible for the protection and passive immunization of the newborn babies. The same proteins found in colostrum in high concentrations are found in milk although at much lower concentrations. The utilization of the milk whey proteins in the form of concentrates or isolates has been found to be highly beneficial to health in the sense of decreasing the risk of infectious as well as chronical and degenerative diseases. In this article emphasis was given to the properties of whey proteins in the form of concentrates or isolates, and their hydrolysates (peptides) as immunostimulants, inhibitors of pathogenic microorganisms and some viruses, including HIV and hepatitis C viruses. In the protection against tumor's development, particularly colon cancer and protection of the gastric mucosa against ulceration by agressive ulcerogenic agents. Various actions of the milk whey protein were pointed out as defense mechanisms for cardiovascular degenerative diseases. Several research work were discussed showing the benefit of using milk whey protein to counteract undesirable metabolic and immunological effect of excessive exercise. 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