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It has long been known that starch as a raw material is of strategic importance for meeting primarily the nutritional needs of people around the world. Year by year, the demand not only for traditional but also for functional food based on starch and its derivatives is growing. Problems with the availability of petrochemical raw materials, as well as environmental problems with the recycling of post-production waste, make non-food industries also increasingly interested in this biopolymer. Its supporters will point out countless advantages such as wide availability, renewability, and biodegradability. Opponents, in turn, will argue that they will not balance the problems with its processing and storage and poor functional properties. Hence, the race to find new methods to improve starch properties towards multifunctionality is still ongoing. For these reasons, in the presented review, referring to the structure and physicochemical properties of starch, attempts were made to highlight not only the current limitations in its processing but also new possibilities. Attention was paid to progress in the non-selective and selective functionalization of starch to obtain materials with the greatest application potential in the food (resistant starch, dextrins, and maltodextrins) and/or in the non-food industries (hydrophobic and oxidized starch).