Bile is a digestive juice that is secreted by the liver and stored in the gallbladder. It has two important functions 1  : Assists with fat digestion and absorption in the gut. 2  Is a means for the body to excrete waste products from the blood.nstead it has bile salts (acids) which can 1  : Emulsify fats and break it down into small particles. 2  This is a detergent-like action of bile. 3  Helps the body absorb the breakdown products of fat in the gut.