Baijiu is a traditional spirit with high reputation in the Chinese community, and whisky, on the other hand, is a renowned spirit in Western culture, with both contributing a major proportion to the consumption and revenue in the global spirit market. Interestingly, starting with similar raw materials, such as grains, diverse production methods lead to different organoleptic profiles. In addition, such enormous attention they attract renders them as a crucial part in food and the related industry. Therefore, great efforts are made in improving product quality and optimizing production processes, such as flavor enhancement, facility development, and deep utilization of byproducts. Given the huge impacts and great involvements of these spirits in the general food industry, research focusing on either spirit is of referential significance for other relevant fields. With the aim of facilitating such collaboration, this review discusses the current research status, in a comparative manner, of both spirits in respect to key production processes-oriented sensory and flavor analysis, deep utilization of byproducts, and spirit-derived functional food investigations. Finally, the internal correlations based on the abovementioned criteria are identified, with research prospects proposed.