Lactic acid bacteria (LAB) are non-mobile, gram-positive, non-spore-forming, micro-aerophilic microorganisms widely explored as starter cultures food industry to enhance the gustatory, nutritional value, imparts appetizing flavour, texture to milk, vegetative, meat foods and prolongs their shelf life. This vast review emphasis various LABs widely explored in the food industry. Herein, we have summarized the classification of LAB strains, their metabolic pathways for biosynthesis of lactic acid, ethanol, acetic acid and demonstrated their application in various food industries for making fermented milk (yoghurt), cheese, beverages, bread, and animal foods. The wide spectrum of LAB-based probiotics, bacteriocins, exopolysaccharides, bio preservative and their relevant benefits towards human health has also been discussed. Moreover, LAB bacteriocins and probiotics in food application may limit the growth of pathogenic, while boosting health immunity. Microbial exopolysaccharides have interesting characteristics for the fermented food industry as new functional foods. Later on, we have discussed the various advancement in metabolic engineering, synthetic biology tools, which have gained considerable interest to elucidate the biosynthetic pathway for tailoring cellular metabolism for high activity.