Lactic acid, an anaerobic product of glycolysis, can be theoretically produced by synthetic route; however, it is commercially produced by homo-fermentative batch mode of operations. Factors affecting its production and strategies improving it are considered while devising an optimized protocol. Although a hetero-fermentative mode of production exists, it is rarely used for commercial production. Attempts to use Rhizopus sp. for lactic acid production through either hetero-fermentative or thermophilic conditions were not economical. Since almost 70% of the cost of its production is accounted by raw materials, R & D efforts are still focused to find economically attractive agri-products to serve as sources of carbon and complex nitrogen inputs to meet fastidious nutrient needs for microbial growth and lactic acid production. Therefore, need exists for using multi-pronged strategies for higher productivity. Its present production and consumption scenario is examined. Its optically active isomers and chemical structure permit its use for the production of several industrially important chemicals, health products (probiotics), food preservatives, and bio-plastics. In addition, its salts and esters appear to have a variety of applications.