Polysaccharide serves as crucial compositional macromolecule of food, thus, understanding of its utilization via microbial fermentation is of great significance. While previous research mainly focused on polysaccharide degradation by intestinal microorganisms, recently, the above process during in vitro fermentation has received growing interest since the deeper exploration of economic and nutritional values of fermented foods. Based on latest key findings, this review basically collated dominant microbiotas, food-biomass polysaccharides, and corresponding degradation products, further collectively illustrated the utilization pathway, and discussed the contributions of these products to flavors and functions of fermented foods. Moreover, future research trend of polysaccharide-modulated metabolites during food fermentation was offered as well.