Extrusion technology has rapidly transformed the food industry with its numerous advantages over other processing methods. It offers a platform for processing different products from various food groups by modifying minor or major ingredients and processing conditions. Although cereals occupy a large portion of the extruded foods market, several other types of raw materials have been used. Extrusion processing of various food groups, including cereals and pseudo cereals, roots and tubers, pulses and oilseeds, fruits and vegetables, and animal products, as well as structural and nutritional changes in these food matrices are reviewed. Value addition by extrusion to food processing wastes and by-products from fruits and vegetables, dairy, meat and seafood, cereals and residues from starch, syrup and alcohol production, and oilseed processing are also discussed. Extrusion presents an economical technology for incorporating food processing residues and by-products back into the food stream. In contemporary scenarios, rising demand for extruded products with functional ingredients, attributed to evolving lifestyles and preferences, have led to innovations in the form, texture, color and content of extruded products. Information presented in this review would be of importance to processors and researchers as they seek to enhance nutritional quality and delivery of extruded products.