Fatty acid-binding proteins (FABPs) are members of a super family of lipid-binding proteins, and occur intracellularly in vertebrates and invertebrates. This review briefly addresses the structural and molecular properties of the fatty acid binding proteins, together with their potential physiological role. Special attention is paid to the methods used to study the binding characteristics of FABPs. An overview of the conventional (Lipidex, the ADIFAB and ITC) and innovative separation-based techniques (chromatographic and electrophoretic methods) for the study of ligand-protein interactions is presented along with a discussion of their strengths, weak points and potential applications. The best conventional approaches with natural fatty acids have generally revealed only limited information about the interactions of fatty acid proteins. In contrast, high-performance affinity chromatography (HPAC) studies of several proteins provide full information on the binding characteristics. The review uses, as an example, the application of immobilized liver basic FABP as a probe for the study of ligand-protein binding by high-performance affinity chromatography. The FABP from chicken liver has been immobilized on aminopropyl silica and the developed stationary phase was used to examine the enantioselective properties of this protein and to study the binding of drugs to FABP. In order to clarify the retention mechanism, competitive displacement studies were also carried out by adding short chain fatty acids to the mobile phase as displacing agents and preliminary quantitative structure-retention relationship (QSRRs) correlations were developed to describe the nature of the interactions between the chemical structures of the analytes and the observed chromatographic results. The results of these studies may shed light on the proposed roles of these proteins in biological systems and may find applications in medicine and medicinal chemistry. This knowledge will yield a deeper insight into the mechanism of fatty acid binding in order to indisputably show the central role played by FABPs in cellular FA transport and utilization for a proper lipid metabolism.