Kimchi is a traditional Korean dish made with salted fermented vegetables and contains various nutrients and functional substances with potential health benefits. The fermentation process used to make kimchi creates chemical changes in the food, developing nutrients and functional substances that are more easily absorbed and enhanced by the body. Recent studies have shown that several lactic acid bacteria strains isolated from kimchi exhibit probiotic properties and have several health benefiting properties such as such as anticancer, anti-obesity, and anti-constipation; they also promote colon health and cholesterol reduction in in vitro and in vivo experiments, as well as in epidemiological cohort studies. Kimchi contains prebiotics, non-digestible fibers that nourish beneficial gut bacteria; therefore, its intake effectively provides both probiotics and prebiotics for improved gut health and a fortified gut-derived immune system. Furthermore, fermentation of kimchi produces a variety of metabolites that enhance its functionality. These metabolites include organic acids, enzymes, vitamins, bioactive compounds, bacteriocins, exopolysaccharides, and γ-aminobutyric acid. These diverse health-promoting metabolites are not readily obtainable from single food sources, positioning kimchi as a valuable dietary option for acquiring these essential components. In this review, the health functionalities of kimchi ingredients, lactic acid bacteria strains, and health-promoting metabolites from kimchi are discussed for their properties and roles in kimchi fermentation. In conclusion, consuming kimchi can be beneficial for health. We highlight the benefits of kimchi consumption and establish a rationale for including kimchi in a balanced, healthy diet.