With this presentation we would like to change the perception that Ionic Liquids (ILs) are mainly environmentally safe or ”green” alternatives to conventional organic solvents. In fact, the application potential of ionic liquids is much broader than presumed. Beyond their use as alternative solvents, ILs can be employed as process aids, e.g. in the hydrosilylation of olefins (immobilization of otherwise homogeneous catalysts) and in the specific absorption of gases. Furthermore, due to their unique properties, ILs create many interesting possibilities as performance additives and functional fluids in various materials and applications. In this context, non-imidazolium-based ILs should be of particular interest due to their availability in technical quantities and lower cost compared to their imidazolium-based counterparts. Examples of industrial applications of ILs as performance additives and functional fluids taken from Evonik Degussa's ongoing ILs research program will be presented. In addition, we will discuss the toxicology and environmental impact of the compounds, as well as challenges and opportunities in regard to the REACh legislation.