Monogamy is an intrinsic feature of quantum correlations that gives rise to several interesting quantum characteristics which are not amenable to classical explanations. The monogamy property imposes physical restrictions on unconditional sharability of quantum correlations between the different parts of a multipartite quantum system and thus has a direct bearing on the cooperative properties of states of multiparty systems, including large many-body systems. On the contrary, a certain party can be maximally classical correlated with an arbitrary number of parties in a multiparty system. In recent years, the monogamy property of quantum correlations has been applied to understand several key aspects of quantum physics, including distribution of quantum resources, security in quantum communication, critical phenomena and quantum biology. In this chapter, we look at some of the salient developments and applications in quantum physics that have been closely associated with the monogamy of quantum discord and "discord-like" quantum correlation measures.