Selected recent contributions involving fluctuating velocity fields to the rapidly developing domain of stochastic field theory are reviewed. Functional representations for solutions of stochastic differential equations and master equations are worked out in detail with an emphasis on multiplicative noise and the inherent ambiguity of the functional method. Application to stochastic models of isotropic turbulence of multi-parameter expansions in regulators of dimensional and analytic renormalization is surveyed. Effects of the choice of the renormalization scheme are investigated. Special attention is paid to the rôle and properties of the minimal subtraction scheme. Analysis of the consequences of symmetry breaking of isotropic turbulence with the use of the renormalization-group method is demonstrated by the effects due to helicity, strong and weak anisotropy. A careful description is given of the influence of turbulent advection on paradigmatic reaction-diffusion problems.