Shark liver oil contains a number of substances including squalmine and alkylglycerol, both of which are believed to contain medical properties. Much of the interest in shark liver oil stems from its alkylglycerol content which is believed to act as a potential complement to traditional cancer treatments and as an immune boosting agent.

In studies conducted on animals, squalamine has been shown to fight cancers of the breast, brain, lung and skin by choking off the tumor's blood supply. Also found in high concentrations in shark liver oil are omega-3 fatty acids and vitamin A.

Shark liver oil has been used in lip balms to moisturize and prevent chapping, and claims have been made that it may even help heal canker sores. However, evidence is weak supporting claims that shark liver oil can cure serious diseases such as AIDS, arthritis, chronic fatigue, fibromyalgia, or psoriasis.

Most good studies have focused on the possible benefits of shark liver oil in fighting cancer and infections. Most researchers contend that shark liver oil shows real promise.