Vinegar is an acidic condiment with a unique taste and fragrance, which is produced by microbial fermentation. Vinegar has rich nutrients and bioactive substances, which can provide a good material basis for the development of functional vinegar. This review summarizes the major progress that has been made in vinegar research in terms of product types, brewing methods, bioactive components and their functional properties in the past decade, and proposes that future development research on functional vinegar should consider the selection and combination of raw materials, the combination and application of microorganisms with customized functions, and the selection of containers and the development of new treatment methods for the aging of vinegar. This review will be helpful for developing new healthy vinegar and novel functional vinegar beverages under the background of ‘One Health’.