Yeasts are single-cell eukaryotic microorganisms that are largely employed in animal nutrition for their beneficial effects, which are owed to their cellular components and bioactive compounds, among which are mannans, β-glucans, nucleotides, mannan oligosaccharides, and others. While the employment of live yeast cells as probiotics in poultry nutrition has already been largely reviewed, less information is available on yeast-derived products, such as hydrolyzed yeast (HY) and yeast culture (YC). The aim of this review is to provide the reader with an overview of the available body of literature on HY and YC and their effects on poultry. A brief description of the main components of the yeast cell that is considered to be responsible for the beneficial effects on animals’ health is also provided. HY and YC appear to have beneficial effects on the poultry growth and production performance, as well as on the immune response and gut health. Most of the beneficial effects of HY and YC have been attributed to their ability to modulate the gut microbiota, stimulating the growth of beneficial bacteria and reducing pathogen colonization. However, there are still many areas to be investigated to better understand and disentangle the effects and mechanisms of action of HY and YC.