What is Acetone? Acetone is an organic compound that is the simplest and smallest ketone. It is an extremely versatile chemical with many industrial applications. This versatile liquid solvent can break down and dissolve other substances. For this reason, it is found in paint and varnish removers, cleaning degreasers, and countless other products. What are some applications for Acetone? This video will show you the applications, and the safe storage recommendations for acetone.