2,3-Diphosphoglycerate (2,3-DPG), found primarily in red blood cells, plays a key role in regulating hemoglobin’s (Hb) affinity for oxygen. Increased 2,3-DPG levels shift the oxygen dissociation curve to the right, reducing Hb’s oxygen affinity and enhancing oxygen delivery to tissues—particularly important in conditions like anemia and high-altitude adaptation. Despite its physiological significance, research on 2,3-DPG is outdated and limited. This review aims to summarize current knowledge and identify research gaps. Measuring 2,3-DPG is challenging due to its instability and the need for careful sample handling. Chromatography and enzymatic methods are commonly used. Several factors influence 2,3-DPG levels, including diet, physiological state, and disease. Dietary phosphorus, for example, can acutely affect 2,3-DPG levels, though the impact of different meal compositions remains unexplored. Age, pregnancy, and physical activity also modulate 2,3-DPG, yet little is known about its role in infants and children. While changes in 2,3-DPG levels under various pathological conditions have been described, the molecular mechanisms behind these alterations remain poorly understood and warrant further investigation.