Studies on the yeast genus Mrakia can be considered crucial to understanding the physiological and molecular bases of its adaptation to cold and also to selecting novel strains useful for food, chemical, cosmetic, and pharmaceutical applications. The present chapter summarizes the current state of the art on the taxonomy, ecology, physiology, and biotechnology of Mrakia spp. yeasts, with special emphasis on their role as starter cultures for fermentation processes and as producers of many valuable molecules of biotechnological interest. The future implications of its exploitation, also considering the most recent genomic studies, are discussed. Based on these, the genus Mrakia undoubtedly deserves special attention in view of its great, although still understudied, biotechnological potential.