Oxidized cellulose ranks among nontoxic and biocompatible biopolymers. Oxidized regenerated cellulose (ORC) is manufactured from regenerated cellulose derived from wood pulp containing about 50% of cellulose. To obtain purified cellulose, it is necessary to decompose it in a chemical way and subsequently put it together to make "regenerated" cellulose. Thanks to its good hemostatic effects, high biosolubility and biodegradability, antioxidant and wound-healing properties, oxidized cellulose represents a suitable means for the therapy of bleeding conditions in various fields of medicine. In addition, the confirmed bactericidal effects of oxidized cellulose towards a wide spectrum of aerobic and anaerobic pathogens increase the therapeutic potential of this agent for use in clinical practice. At present there is a renewed interest in its wider use in clinical practice and in an improvement of the knowledge of its mechanisms of effects, which are tested in vitro, on animal models as well as in clinical studies. The present paper attempts to summarize the hitherto knowledge of hemostatic properties of oxidized cellulose and also to characterize other possible biological effects.