One of the most unique non-conventional yeasts, Kluyveromyces marxianus, is rapidly gaining ground in biotechnology applications. K. marxianus possesses fast growth, thermotolerance, and a Crabtree-negative metabolism, features with a clear advantage over conventional yeasts like Saccharomyces cerevisiae. Additionally, it is diverse in carbon sources, utilizing lactate and xylose as well as lignocellulosic materials, which becomes critical in waste-utilizing and sustainable production industries. Besides the fact that K. marxianus has been useful in the production of valuable metabolites like beta-galactosidase, ethanol, aroma compounds, and organic acids, its GRAS (Generally Recognized as Safe) designation makes K. marxianus a prime candidate for pharmaceutical and nutraceutical applications. This review summarizes a detailed description of K. marxianus's biochemical and genetic features, its present applications, and future unexplored potentials such as probiotic development, vaccine production, bioremediation, and anticancer therapies. We also describe genetic tools that have been developed with improved metabolic pathways useful for new industry applications, making K. marxianus a resource in modern biotechnology. In sum, due to its unique features, K. marxianus appears to be a perfect alternative for areas such as biofuel production, biochemical synthesis, enzyme manufacturing, the dairy industry, and pharmaceuticals.