Bioemulsifiers (BE) and biosurfactants (BS) are considered as multifunctional biomolecules of 21st century because of their functional abilities and eco‐friendly properties. They are produced by various microorganisms under versatile and extreme environmental conditions. They have tremendous applications in various industries such as petroleum, food, medicine, pharmaceutical, chemical, paper & pulp, textile, and cosmetics. Currently, they are also considered as “green molecules” because of their wide applications in bioremediation of soil. Their importance has been increasing day by day in the global market as they are the natural resources with high‐aggregate value. Although, there are numerous reports on BE and BS production by different bacteria, Acinetobacter spp. acquired special attention among all. This is because it is the earliest member known for the production of bioemulsifier. Emulsan and Alasan are the best examples of the commercially used BE produced by Acinetobacter spp. These BE are mainly used in microbial enhanced oil recovery and biodegradation of toxic compounds. This review is focused on BE and BS produced by Acinetobacter spp., their characterization and applications in different fields. This is the first review on genus Acinetobacter which defines independently about different types of BE and BS produced by it. It will also address the need of exploration of these molecules from various sources and their applications for the benefit of mankind and sustainable environment.