The absolute configuration dictates the biological role of chiral molecules in the living world. This is best exemplified by all ribosomally synthesized polypeptides having chiral amino acids only in the L-configuration. However, D-amino acids are also associated with various vital biological processes such as peptidoglycan of the bacterial cell wall, ligands for neurotransmitters, molecules involved in signaling, and precursors of metabolites, to name a few. The occurrence of both L-and D-enantiomers of amino acids in the living systems necessitates the presence of enzymes that exhibit stereoselectivity in recognition of substrates. This minireview summarizes the overall mechanistic insights into the interconversion of L-and D-amino acids by the amino acid racemases. We discuss the structural, mechanistic, and evolutionary relationship of four crucial enzymes that catalyze the oxidative deamination of L-or D-amino acids and their physiological role in microbes and higher organisms. We highlight the physiological implications of D-amino acid oxidase and D-aspartate oxidase in human health and diseases and their applications as drug targets. Finally, we summarize the potential applications of microbially obtained chiral-selective enzymes as biocatalysts and for various industrial purposes.