The rabbit’s foot is easy to dismiss as a novelty. Its main practical role is in brewing: add it to an awkward potion at a brewing stand to make a Potion of Leaping. Minecraft’s rabbit feature identifies it as a rarer rabbit drop and a brewing ingredient; the official Taking Inventory article explains the potion.

How to get a rabbit’s foot

Look for rabbits in your world and collect their drops. A foot is not guaranteed, so do not plan on receiving one from every rabbit. The exact odds and extra acquisition routes can vary by edition and update; check your current game if you need a precise farming rate.

What to do with it

  1. Put a brewing stand and blaze powder in place.
  2. Prepare an awkward potion.
  3. Add a rabbit’s foot as the ingredient.
  4. Keep the Potion of Leaping for situations where a higher jump helps.

If you already have plenty of movement options, the foot is a satisfying collection piece. Keep your first one until you know whether you want the potion.

Is it worth collecting?

Yes, if you enjoy brewing or a complete item collection. If you only build at ground level, it is optional. Its value comes from a specific use, not from being required for normal progression.

Source: Minecraft’s rabbit article.