It can be used for fertilizing crops (such as wheat, potatoes and carrots) this makes it grow instantly. it can also be used on melon and pumpkin seeds, saplings (make tree grow), grass blocks (makes tall grass and a couple flowers), cocoa pods and mushrooms (to make huge mushrooms). When you use it on melons/pumpkins it doesnt make a melon/pumpkin straight away, it just makes them ready to grow melons. It doesnt work on cactus, sugar cane, vines or nether wart.
Bone meal cant make colored wool white. It also can make dyes lighter:
Ink sac=grey dye
grey dye=light grey dye
lapiz lazuli=light blue
red=pink
green=lime
Hope this helped!