Bacteriocins represent a class of secondary metabolites consisting of short peptides with potent bacteriostatic activity and are derived from both Gram-positive and Gram-negative bacterial species. Currently, they are under intense scrutiny in the scientific community. Historically, limited research on bacteriocins, coupled with insufficient understanding of their toxicity signatures and mode of action, has hampered the exploration of antimicrobial resistance. However, recent breakthrough discoveries and validations related to the taxonomic, biosynthetic, and mechanistic foundations of bacteriocins have significantly advanced the development of this field, laying a solid foundation for their development in food preservation, medical, and biological applications. In this comprehensive review, the aim is to present the current status of bacteriocin sources, their different classification schemes, and the complex mechanisms that underpin their biological activity. In addition, this review provides promising avenues for the future application of bacteriocins in the food industry, the medical sector, and the biological sciences, highlighting their potential to revolutionize these fields.