Millets are slowly gaining attention in the current food chain due to their numerous health benefits. Being an underutilized crop, it shows promising applications in nutrition, health and healthcare sectors. This chapter explains the biofortification aspects of millets and isolation of functional ingredients for their further use in custom foods. The methods of biofortification, and development of millet-based functional ingredients are discussed in depth. Different applications of functional ingredients in food and non-food sectors are also explained in detail. Lastly, the storage stability, shelf-life extension and efficient monitoring of quality aspects are discussed, which are essential in delivering the true potential of the products for human health. This chapter will give an insight regarding various research domains where millets can be used as a potential source for health applications.