Lactic acid bacteria are a diverse group of bacteria that produce lactic acid as their major fermented product. Most of them are normal flora of human being and animals and produce myriad beneficial effects for human beings include, alleviation of lactose intolerance, diarrhea, peptic ulcer, stimulation of immune system, antiallergic effects, antifungal actions, preservation of food, and prevention of colon cancer. This review highlights the potential species of Lactic acid bacteria responsible for producing these effects. It has been concluded that lactic acid bacteria are highly beneficial microorganisms for human beings and are present abundantly in dairy products so their use should be promoted for good human health.