Probiotics are live microorganisms that have gained significant attention due to their potential to improve human health. Nowadays, probiotics are widely used to prevent and treat gastrointestinal disorders, such as irritable bowel syndrome, diarrhea, and inflammatory bowel disease. In the past few years, probiotics have been explored for their role in immune modulation, mental health, and skin conditions. Probiotic strains from the bacterial genus Lactobacillus, Bifidobacterium, and yeast Saccharomyces boulardii have demonstrated positive effects on gut microbiota composition as well as overall health. Advances in machine learning models based on next-generation genomic sequencing information and microbiome research are unveiling new probiotic strains and supporting further development of personalized probiotic therapies tailored to individual microbiomes. In spite of their promising health benefits, many challenges still remain, including strain-specific variability, regulatory hurdles, and long-term safety and efficacy concerns. This review article covers the overall current market scenario, probiotic research and development, and new bioinformatics approaches in the discovery of new probiotic strain identification for health benefits.