The lactic acid bacteria (LAB) are one of the most industrially important groups of bacteria. These organisms are used in a variety of ways, including food production, health improvement and production of macromolecules, enzymes and metabolites. The genome sequencing of 20 LAB provides an expanded view of their genetic and metabolic capacities and enables researchers to perform functional and comparative genomic studies. This review highlights some of the findings from these analyses in the context of the numerous roles the LAB play.