<p>This review highlights recent developments in the study of the properties and applications of lactic acid bacteria (LAB). The involvement of LAB in human life has a long history, especially in food production, where their ability to lactic acid fermentation has been crucial in extending the shelf life of perishable raw materials. However, in recent decades, the role of lactic acid bacteria has steadily expanded covering new areas of biotechnology, particularly, in the development of biosynthetic products that find application in a wide range of areas. Certain strains of lactic acid bacteria are recognized as probiotics, and their incorporation into food products promotes the development of functional foods that offer enhanced health benefits to consumers. Traditionally, LAB have been used in food preservation. Beyond their technological functions, they contribute to extending the shelf life of fermented products by inhibiting spoilage and pathogenic microorganisms through the production of antimicrobial compounds like bacteriocins and reuterin. Additionally, LAB are recognized as producers of valuable secondary metabolites, such as exopolysaccharides and polyhydroxyalkanoates, as well as primary metabolites, including enzymes and gamma-aminobutyric acid. They also show potential in the biosynthesis of metal nanoparticles and the development of innovative packaging materials. This review aimed to highlight the wide range of potential applications for lactic acid bacteria, with a focus on novel and emerging trends in their biotechnological utilization.</p>