**Abstract**



*Saccharomyces cerevisiae* has become one of the most important eukaryotic hosts in the food industry, biotechnology, and health owing to its Generally Recognized as Safe (GRAS) status, well-characterized genome, rapid growth, high genetic tractability, and ability to produce a wide range of valuable biomolecules. This review aimed to critically analyze studies published between 2000 and 2025, focusing on the applications of *S. cerevisiae*, recent technological advances, current challenges, and future perspectives. The reviewed literature indicates that advances in metabolic engineering, synthetic biology, CRISPR/Cas9 genome editing, and multi-omics technologies have expanded the applications of *S. cerevisiae* beyond conventional fermentation, enabling the production of bioactive compounds, nutritional supplements, enzymes, recombinant proteins and vaccines, organic acids, and biofuels. In addition, this yeast serves as a rich source of B-group vitamins, proteins, and antioxidant compounds for the development of value-added food products, while engineered strains have significantly improved the efficiency of bioproduct production. Furthermore, *S. cerevisiae*-derived products, including β-glucans and mannoproteins, have shown promising potential for the development of health-promoting products through immune modulation and maintenance of gut microbiota homeostasis, although further clinical studies are required to confirm many of these applications. Overall, *S. cerevisiae* represents one of the most promising biological platforms for developing next-generation food, biotechnological, and health-related products, while strain optimization and the development of sustainable production systems remain key priorities for future research.