Cereal grains constitute a major source of dietary nutrients all over the world. Although cereals are deficient in some basic components (e.g. essential aminoacids), fermentation may be the most simple and economical way of improving their nutritional value, sensory properties, and functional qualities. This review focuses first on some of the indigenous fermented foods and beverages produced world-wide that have not received the scientific attention they deserve in the last decades. Products produced from different cereal substrates (sometimes mixed with other pulses) fermented by lactic acid bacteria, yeast and/or fungi are included. Finally, newly developed cereal-based foods with enhanced health properties will also be reviewed.