Fermentation is the process of microbial and biochemical conversion of organic substances and other raw materials (eg, CO and CO
2
), with broad applications in food, pharmaceutical, and chemical industries and for environmental and climate protection. It can be considered as the vehicle to transfer innovations in fundamental biology into bio‐based products and thus plays a key role in bioeconomy. This article first gives an overview of the fermentation industry and its important products in industrial and pharmaceutical biotechnologies, ranging from primary and secondary metabolites to cells (biomass), enzymes, and biologics. Microbial principles and characteristics of fermentation processes are then illustrated and compared with chemical synthesis. The driving forces, scientific discoveries, and technological innovations leading to the development of different fermentation processes and products are reviewed from a historical perspective, and future trends are highlighted. The development of components and techniques of fermentations with different cell types and key issues of their industrial applications are finally described from practical viewpoints with process examples, including strains and host cells, medium design and feeding strategies, fermenter and related equipment, sterilization, process control, product isolation, scale‐up, utilities, and regulatory aspects.