Recombinant DNA technology made possible exciting new uses for yeasts as it did for various other organisms. For yeast, however, the opportunities are greater than for any other organism due to many attributes of yeast. Some of these attributes stem from its exceptionally long, safe and impressive track record. Other opportunities stem from its versatility, stability, variety, and the immense knowledge it has contributed to human health. Some of the recent ways in which yeast are being applied include the production of human therapeutics, the production of new and rare chemical entities, the screening for new drugs, and the elucidation of disease processes, including malaria, cancer and neurodegenerative diseases. In addition, if genetically‐modified foods gain greater acceptance we could see a plethora of new forms of the traditional yeast products. An overview of the new molecular and therapeutic applications of yeast are presented in this chapter.