Magnesium sulfate (MgSO4) is significant in anesthesia and critical care, acting as a blocker of NMDA receptors and calcium channels, and is essential for maintaining physiological functions. It has various applications including treatment for hypomagnesemia and hypermagnesemia, cardiovascular management, and as a bronchodilator in respiratory conditions. Proper dosage and monitoring are critical due to potential side effects and interactions with other medications.