Probiotic has modernized the current dietetic sense with novel therapeutic and nutritional benefits to the consumers. The presence of bile salt hydrolase (BSH) in probiotics renders them more tolerant to bile salts, which also helps to reduce the blood cholesterol level of the host. This review focuses on the occurrence of bile salt hydrolase among probiotics and its characterization, importance, applications, and genetics involved with recent updates. Research on bile salt hydrolase is still in its infancy. The current perspective reveals a huge market potential of probiotics with bile salt hydrolase. Intensive research in this field is desired to resolve some of the lacunae.