Methyl acetoacetate appears as a clear colorless liquid. Flash point 158°F. Denser than water and slightly soluble in water. Vapors heavier than air.Methylacetoacetic acid is an oxo carboxylic acid.

Methyl acetoacetate is an intermediate for fungicides such as hymexazol, dimethirimol, ethirimol; insecticides such as diazinon, coumaphos, pyrimitate; herbicides such as imazethapyr; and rodenticides such as coumatetralyl and warfarin.It is used as a solvent for cellulose ethers and a component of mixed solvents for cellulose resins, and also in organic synthesis of pesticides, pharmaceuticals, dyes, polymer stabilizers, etc.