Lactic acid, as an organic acid, has essential roles in industrial applications ranging from the food industry to life-sciences. Conventional fermentation methods have been well-studied since late 18th century, but are unable to achieve consumers' expectations regarding both quality and quantity. Therefore, novel technological developments of lactic acid production to increase yield and decrease over-all cost have become the primary goal. Genetic and metabolic engineering are great tools to overcome problems associated with product inhibition, undesired by-product formation, the negative effect of extreme culture conditions and most importantly inefficient use of expensive substrates. Adaptation of immobilization techniques to large-scale production can enhance fermentation yield. Moreover, improving novel techniques such as cell recycle systems, and simultaneous saccharification will lead engineered microorganisms to produce lactic acid with increased concentration, yield, and productivity. The present study reviews the viability and industrial potentiality of the most recent advances in the biotechnological production of lactic acid.