Yeast extract is a product prepared mainly from waste brewer’s yeast, which is rich in nucleotides, proteins, amino acids, sugars and a variety of trace elements, and has the advantages of low production cost and abundant supply of raw material. Consequently, yeast extracts are widely used in various fields as animal feed additives, food flavoring agents and additives, cosmetic supplements, and microbial fermentation media; however, their full potential has not yet been realized. To improve understanding of current research knowledge, this review summarizes the ingredients, production technology, and applications of yeast extracts, and discusses the relationship between their properties and applications. Developmental trends and future prospects of yeast extract are also previewed, with the aim of providing a theoretical basis for the development and expansion of future applications.