Bacillus cereus group produces diverse antimicrobial compounds through different metabolic pathways, including amino acid‐based compounds, sugar derivatives, volatile and miscellaneous compounds. These antimicrobial compounds exhibit antibacterial and antifungal activities against various plant pathogens, promoting plant growth and enhancing tolerance to abiotic stresses. They also exhibit nematicidal activities against plant nematodes and antagonistic effects against pathogens in aquatic animals, promoting growth and inducing immune responses. Moreover, B. cereus group bacteria play a significant role in bioremediation by breaking down or neutralizing environmental pollutants, such as plastics, petroleum products, heavy metals, and insecticides. They produce enzymes like laccases, lipases, proteases, and various oxidases, contributing to the degradation of these pollutants. In the food industry, they can cause food poisoning due to their production of enterotoxins. However, they are also utilized in various industrial applications, such as producing environmentally friendly bio‐based materials, biofertilizers, and nanoparticles. Notably, B. cereus transforms selenite into selenium nanoparticles, which have health benefits, including cancer prevention. In summary, B. cereus group bacteria have diverse applications in agriculture, bioremediation, industry, and medicine, contributing to sustainable and eco‐friendly solutions across multiple fields. In this review, we have revised B. cereus group and the characteristics of every species; we have also highlighted the more important compounds secreted by the species of B. cereus group and the applications of these compounds. The aim is to explain the available secondary metabolites to classify the species from this group, increasing the knowledge about taxonomy of this group.