In recent times, there has been growing recognition of the key role of foods and beverages in disease prevention and treatment. Thus, the production and consumption of functional foods has gained much importance as they provide a health benefit beyond the basic nutritional functions. At present, beverages are by far the most active functional food category because of convenience and possibility to meet consumer demands for container contents, size, shape, and appearance, as well as ease of distribution and storage for refrigerated and shelf-stable products. Moreover, they are an excellent delivering means for nutrients and bioactive compounds including vitamins, minerals, antioxidants, ω-3 fatty acids, plant extracts, and fiber, prebiotics, and probiotics. However, in most cases, specific concerns have been raised over their safety. This review reports on the scientific advances in the emerging area of functional beverages with a focus on commercially available products, as well as on the potential health benefits related to their consumption.