Customer demand for product diversity is the key driving force for innovations in the brewing industry. Specialty beers are regarded as a distinct group of beers different from two major types, lagers and ales, without established definitions or boundaries. Specialty beers, including low-to no-alcohol beer, low carbohydrate beer, gluten-free beer, sour beer, probiotic beer, and enriched beer, are exclusively brewed and developed keeping in mind their functionality, the health and wellbeing of the consumer, and emerging market trends. Compared with conventional beer-brewing, the production of specialty beers is technologically challenging and usually requires additional process steps, unique microorganisms, and special equipment, which in turn may incur additional costs. In addition, the maintenance of quality and stability of the products as well as consumer acceptability of the products are major challenges to successful commercialization. A harmonious integration of traditional brewing practices and modern technological approaches may hold potential for future developments. In the present review, latest developments in the fermentative production of selected specialty beers are discussed.