The intensive use of antibiotics as growth-promoting agents in animal production has resulted in the spread of animal antibiotic resistance and possibly human antibiotic resistance. Based on this premise, it is significant to explore an alternative approach to preventing infectious diseases and promoting animal growth and health. Yeast as the main natural growth promoter in livestock nutrition has been extensively studied for decades. Numerous yeasts and yeast-containing products are produced, marketed, and used in animal feed as providers of nutrient sources, probiotics, and nutrients or serve distinct nutritional functions. A large amount of scientific research suggests that yeasts and their derivatives may be good for animal growth performance and health, especially when animals are housed in poor sanitation or are suffering from disease. However, when yeasts are used as a surrogate for livestock antibiotics, the results vary according to several factors, including yeast species, yeast product components, feed ingredients, animal category, type of symptoms, and differences in the rearing environment. In this review, the effects of different yeasts on different animals will be reviewed. The types of widely used yeast products, their functional characteristics, and application effects will be discussed in order to provide a reference for the development and application of yeast feed products.