<p><i>Bacteroides ovatus</i> (<i>B. ovatus</i>), a key member of the gut microbiota, is strongly associated with host health, thereby emerging as a promising candidate for the development of next-generation probiotics. This bacterium is linked to various pathophysiological conditions and shows potential probiotic biological activity, particularly in modulating metabolism and treating certain diseases. In the present review, we aim to provide a comprehensive synthesis of the established biological attributes of <i>B. ovatus</i>, while also elucidating the patterns and characteristics of its abundance fluctuations across diverse clinical indications. We also investigate the influence of probiotics, prebiotics, natural products, dietary patterns, and other extrinsic factors on the dynamic changes in <i>B. ovatus</i> abundance. Additionally, an evaluative and prospective analysis of the potential applications of <i>B. ovatus</i> in the realms of functional nutrition and specialized medical foods is presented. Finally, we highlight the transformative potential of <i>B. ovatus</i> in functional nutrition and specialized medical foods, providing a basis for the development of novel microbiome preparations.</p>