Fermentation, as a process to increase the security of food supply, represents an integral part of food culture development worldwide. Nowadays, in the evolving functional food era where new sophisticated technological tools are leading to significant transformations in the field of nutritional sciences and science-driven approaches for new product design, fermentation technology is brought to the forefront again since it provides a solid foundation for the development of safe food products with unique nutritional and functional attributes. Therefore, the objective of the present review is to summarize the most recent advances in the field of fermentation processes related to cereal-based products. More specifically, this paper addresses issues that are relevant to nutritional and health aspects, including their interrelation with intestinal (gut) microbiome diversity and function, although clinical trials and/or in vitro studies testing for cereal-based fermented products are still scarce.