Humankind has been unknowingly utilizing food fermentations since the first creation of bread, cheese, and other basic foods. Since the beginning of the last century, microbial fermentation has been extensively utilized for production of commodity chemicals. It has also gained substantial interest in recent decades due to its underlying applications in the preparation of natural and safe food ingredients including enzymes, antimicrobial agents, vitamins, organic acids, sweeteners, stabilizers, emulsifiers, oligosaccharides, amino acids, and thickening agents. In addition, some novel food ingredients that were conventionally made from some other sources such as plant tissue cultures or animals are now being introduced in the industry as ‘fermentation products.’ Some examples of such novel fermentation food ingredients include flavonoids, cultured meat products, food colorants, antioxidants, lipids, and fatty acids. This review summarizes some of the most prominent food ingredients and novel fermentation food products currently being produced via microbial fermentation as well as the strategies to enhance such fermentation processes. Additionally, economical feedstocks are discussed with their potential to be converted into value-added products with the help of microbial fermentations.