Fruits are excellent sources of substrate for various fermented products, including fruit vinegars, which are typically produced by submerged fermentation. Some evidence suggests that fruit vinegar consumption can alleviate certain disorders, including hyperlipidemia, inflammation, and hyperglycemia. Fruit vinegars also have bacteriostatic and antihypertensive actions. Recent studies also suggest that apple vinegar may offer benefits in treating insulin resistance, osteoporosis, and certain neurological diseases such as Alzheimer’s disease; it may also support weight loss. Recent studies in animal and human models have considerably broadened our understanding of the biological properties of not only fruit vinegars but also oxymels, i.e., mixtures of vinegar and honey or sugar. This paper reviews the current state of knowledge regarding vinegars and oxymels, with a special emphasis on their chemical composition and the mechanisms behind their biological activity and pro-health potential. The multidirectional effects of fruit vinegars and oxymels result from the synergy of different chemical compounds, including organic acids (mainly acetic acid), phenolic compounds, vitamins, minerals, and fermentation products. However, more studies are needed to understand the interactions between all the different components, not only the phenolic compounds and organic acids. In addition, more research is needed on their mechanisms of action. Although no serious side effects have been noted to date, further studies with large sample sizes are needed to understand the possible side effects of long-term fruit vinegar and oxymel use.