Millets are tiny grass‐seeded grains that hold major and minor nutrients and chief bioactive components. They are climate flexible and pest‐resistant grains, enhancing the crop system effectively. Millets are now gaining popularity due to their health‐promoting properties for end users. These nonacid‐forming grains are gluten‐free, stabilize blood sugar, lower cholesterol levels, inhibit human colon tumor growth, combat malnourished diseases, control overweight, and have other health‐promoting benefits. However, many food processing technologies are on hand to process millets into a broad array of value‐added products, but still, the implementation in the food processing industries is skimpy at the commercial level. There are many factors right from the farming stage, like unavailability of good quality seeds, suitable machinery, lack of technical knowledge, and the consumer's misconception of millet's sensory properties, all contribute to low demand in the market. However, considering millet's copious potentialities, the research on these grains is grasping the spotlight in the current era. Therefore, millets would greatly increase demand in the market and create boundless avenues to manufacture millet‐based foods on a commercial scale. Hence, the current article intends to comprehensively review millet processing technologies and bioprocessing approaches, including health benefits. In addition, it also highlighted the recent R & D innovations with millets and millet products in the global market, preservation constraints, and future challenges.Practical ApplicationsMillets are the neglected ancient grains of the world, although they are a treasure trove of nutrients and promote alluring health benefits. The current review analysis fosters various notions to bridge a gap between industrialist and consumers for the high‐level production and consumption of millets in various countries. The compiled information comprises deep insights into major food processing technologies for each millet and listed globally available millet‐based products. In addition, it provides the millet shelf‐life issues, which would be helpful for researchers to tackle these issues with millets in the future. The present study advises increasing the high‐value utilization of millet and millet‐based products at commercial scales. This article attracts scientists, industrialists, researchers, scholars, and budding entrepreneurs. Among all the cereals, millets are superior in the nutritional profile, sustainable production patterns, and friendlier to the farmers, planet, and consumers.