In this era of climatic change, millets are the most convenient crops, which fit well in the current scenario of hunger, poverty, nutritional challenges, and marginal farming. This review focuses in detail on the nutraceutical properties of millets, their potential health benefits, and processing with updated literature from the recent past. Because millets store an ample amount of proteins, essential amino acids, dietary fibre, vitamins, minerals, essential fatty acids, antioxidants, and other phytochemicals, these advantageous attributes place them in “Nutraceuticals”. Millets have a beneficial nutrigenomic role and have been contributing to human health by their hypoglycaemic, anti-tumorigenic, anti-atherosclerogenic, antioxidant, anti-hypertensive, anti-inflammatory and anti-microbial properties. The bulk antioxidants (bioactive peptides, xylooligosaccharides, phenolic compounds) present in millets add to their nutritive value and provide protection from various degenerative diseases. Plentiful polyunsaturated fatty acids (PUFA) in millet oil are helpful in chronic heart diseases and their gluten-free nature makes them an excellent substitution to wheat for celiac patients. Millets are immensely popular in tribal communities and besides being consumed as snacks, bread, puddings, beverages, these hold important cultural positions. Millets undergo various processing methods in order to enhance the nutritional bioavailability, organoleptic properties, and reduction of antinutritional factors. Among the various processing methods, fermentation improves the nutritional value, bioactive components of millets and is used for the production of various millet based probiotic foods, beverages. Besides providing food security to millions, these are the means of livelihood for many people, especially in Africa and Asia.