Due to a continual growth in the world’s population and the prohibition of antibiotics in animal production, the livestock industry faces significant challenges in the global demand for meat, eggs, and dairy products. The growing demand for organic products and the prohibition on antibiotic growth promoters (AGPs) have compelled animal nutrition experts to search for natural substitutes that include medical plants and beneficial microorganisms. Natural feed additives like probiotics are found to be more effective than AGPs in reducing the load of harmful intestinal pathogens. One of the probiotics that has generated considerable interest since ancient times is yeast. Yeast is used as a supplement in animal feeds due to its relatively high protein, amino acid, energy, and micronutrient content. Yeast byproducts such as yeast cells and cell walls contain nutraceutical compounds (i.e., β-glucans, mannooligosaccharides, and nucleotides) and have been shown to improve animal growth performance and health. Though the application of yeast supplements has been reviewed to date, only a scarce amount of information exists on the yeast-derived products in non-ruminant nutrition. Additionally, it is difficult for nutritionists to differentiate the characteristics, composition, and optimal feeding among the diverse number of yeast-containing products. Due to the increasing popularity of using yeast-based products in animal feeds, the development of analytical approaches to estimate yeast and its components in these products is greatly needed. Thus, in this review, we intend to provide current knowledge of different categories of commercially available yeast and yeast-derived additives, along with their role in improving animal growth performance and health, their proposed mechanisms of action, and the challenges of quantifying yeast content and biologically active components.