Specialty Saccharomyces cerevisiae strains have emerged as key contributors to innovations across various industries, offering unique functionalities that extend beyond conventional applications. This review explores the diverse roles of specialty S. cerevisiae in nutrition, winemaking, and bioethanol production. In the field of nutrition, yeast biomass serves as a sustainable and nutrient-dense source of proteins, vitamins, and bioactive compounds, presenting potential as a functional food ingredient. S. cerevisiae can bioaccumulate trace elements like selenium, zinc, and chromium, offering health benefits, but challenges in toxicity and biomass recovery must be addressed for safe use in supplements. In winemaking, S. cerevisiae enhances flavor profiles, improves fermentation efficiency, and reduces undesirable compounds, contributing to premium wine quality. The potential of S. cerevisiae in novel applications is vast, including the development of low-alcohol wines, cryotolerant strains for improved fermentation at lower temperatures, and reduced chemical additives, highlighting its versatility in enhancing wine quality and sustainability. Furthermore, specialty S. cerevisiae plays a pivotal role in bioethanol production, with strain selection and further improvement leading to enhanced yield and efficiency, particularly from lignocellulosic biomass. By examining the latest innovations in each of these areas, this review highlights the versatility and potential of specialty S. cerevisiae in advancing sustainable development and enhancing product quality across sectors.