Abstract: Fermented meat products have a long history and are widely appreciated for their nutritional value and distinctive flavors. Lactic acid bacteria, as the core functional microbiota in meat fermentation, play a vital role in shaping product quality. This article systematically reviews the functional components generated during meat fermentation by lactic acid bacteria. These include enzymes exhibiting antioxidant and cholesterol-lowering activities, extracellular polysaccharides with multiple probiotic functions, bioactive peptides, polyunsaturated fatty acids, γ-aminobutyric acid, and other key bioactive substances. The formation mechanisms of these components are elucidated, with various pathways to proteolysis and lipid metabolism clarified as well. Furthermore, the metabolic mechanisms underlying the formation of various functional components are examined in depth. The analysis encompasses four core pathways: protein hydrolysis, lipid metabolism, amino acid metabolism, and carbohydrate metabolism. The efficiency and specificity of these processes are finely regulated by the expression of relevant biosynthetic gene clusters and cellular signaling mechanisms, such as quorum sensing and two-component regulatory systems. Through this systematic investigation, we aim to provide a comprehensive understanding of the mechanistic roles of lactic acid bacteria in fermented meat products, to offer a theoretical foundation for further research and application, and to provide new perspectives for developing functional meat products.