Experimental prospects for studying high-energy photon-photon and photon-proton interactions at the CERN Large Hadron Collider (LHC) are discussed. Cross sections are calculated for many electroweak and beyond the Standard Model processes. Selection strategies based on photon interaction tagging techniques are studied. Assuming a typical LHC multipurpose detector, various signals and their irreducible backgrounds are presented after applying acceptance cuts. Prospects are discussed for the Higgs boson search, detection of supersymmetric particles and of anomalous quartic gauge couplings, as well as for the top quark physics.