Vaseline has been around for decades, but what is it used for? Beyond moisturizing your lips, this glossy salve is one of the iconic formulas that is probably there in your medicine cabinet. It is a multitasking cream, which is not meant to be used only as a lip balm, for burns, or to heal a diaper rash. From fixing squeaky doors to a shoe shiner, the petroleum jelly can be a go-to source for almost everything.