Acetic acid bacteria (AAB) are microorganisms widely distributed in nature. Although this group is involved in the spoilage of some foods, AAB are of great industrial interest, and their functionality is still poorly understood. AAB convert ethanol, sugars and polyols into various organic acids, aldehydes and ketones via oxidative fermentation. These metabolites are produced during a succession of biochemical reactions in various fermented foods and beverages, such as vinegar, kombucha, water kefir, lambic and cocoa. Furthermore, important products such as gluconic acid and ascorbic acid precursors can be produced industrially from their metabolism. The development of new AAB-fermented fruit drinks with healthy and functional properties is an interesting niche for research and the food industry to explore, as it can meet the needs of a wide range of consumers. Exopolysaccharides such as levan and bacterial cellulose have unique properties, but they need to be produced on a larger scale to expand their applications in this area. This work emphasizes the importance and applications of AAB during the fermentation of various foods, their role in the development of new beverages as well as numerous applications of levan and bacterial cellulose.