A series of events are involved in the complex biological process of wound healing, the goal of which is the restoration of damaged tissue. All stages of tissue repair, including cell migration, inflammation, angiogenesis, remodeling, and scar formation, are controlled by extracellular matrix components. According to research, these components not only create the wound microenvironment, but also participate in a series of signaling pathways that are activated during the healing process. Hyaluronic acid is a constituent molecule of the extracellular matrix of the connective tissue, and has marked biocompatibility, non-antigenicity and non-immunogenicity. This is why it is considered a safe therapeutic agent in many therapeutic fields. Depending on the length of the chain, there is a difference between high molecular weight hyaluronic acid (HMWHA) and low molecular weight hyaluronic acid (LMWHA). HMWHA has anti-angiogenic and immunosuppressive effects, while LMWHA induces inflammation and angiogenesis. In addition to the above, clinical research has shown that hyaluronic acid also has bacteriostatic, fungistatic, anti-edematous and osteoinductive effects. It contributes to the regulation of all the healing phases—inflammatory, proliferation and maturation. It produces its effect using the CD44 receptor. According to numerous studies that have proven its positive impact on improving the outcome of both non-surgical and surgical therapy of periodontal diseases, it has great potential for application in periodontology. Nevertheless, further, better designed studies are needed to obtain clearer data on the adequate protocol and the most effective formulation of hyaluronic acid for clinical use.