The structure of the pion wave function in the relativistic constituent quark model is investigated in the explicitly covariant formulation of light-front dynamics. We calculate the two relativistic components of the pion wave function in a simple one-gluon exchange model and investigate various physical observables: decay constant, charge radius, electromagnetic and transition form factors. We discuss the influence of the full relativistic structure of the pion wave function for an overall good description of all these observables, including both low and high momentum scales.