Plant beverages are becoming more popular, and fermented cereal- or pseudocereal-based beverages are increasingly used as alternatives for fermented products made from cow milk. This review aimed to describe the basic components of cereal- or pseudocereal-based beverages and determine the feasibility of fermenting them with lactic acid bacteria (LAB) to obtain products with live and active LAB cells and increased dietary value. The technology used for obtaining cereal- or pseudocereal-based milk substitutes primarily involves the extraction of selected plant material, and the obtained beverages differ in their chemical composition and nutritional value (content of proteins, lipids, and carbohydrates, glycemic index, etc.) due to the chemical diversity of the cereal and pseudocereal raw materials and the operations used for their production. Beverages made from cereals or pseudocereals are an excellent matrix for the growth of LAB, and the lactic acid fermentation not only produces desirable changes in the flavor of fermented beverages and the biological availability of nutrients but also contributes to the formation of functional compounds (e.g., B vitamins).