Bacterial cellulose (BC), a promising polysaccharide of microbial origin, is usually produced through synthetic (chemically defined) or natural media comprising of various environmental wastes (with exact composition unknown), through low-cost and readily available means. Various agricultural, industrial, and food processing wastes have been explored for sustainable BC production. Both conventional (using one variable at a time) and statistical approaches have been used for BC optimization, either during the static fermentation to obtain BC membranes (pellicle) or agitated fermentation that yields suspended fibers (pellets). Multiple studies have addressed BC production, however, the strategies applied in utilizing various wastes for BC production have not been fully covered. The present study reviews the nutritional requirements for maximal BC production including different optimization strategies for the cultivation conditions. Furthermore, commonly-used applications of BC, in various fields, including recent developments, and our current understanding have also been summarized.