Deep ocean water (DOW) is obtained from 600 m below the sea surface. In recent years, DOW has been applied in the development of fermentation biotechnologies and functional foods. DOW is rich in trace minerals, comprises multiple physiological and health functions, and is able to promote microbe growth; therefore, the application of DOW directly benefits the development of the fermentation industry and functional foods. This study integrated the current health functions and applications of DOW with the latest results from studies related to fermentation biotechnology. Subsequently, the influence of applying DOW in fermented functional food development and the effects in health function improvements were summarized. According to the previous studies, the main reasons for the increased effect of fermented functional foods through the application of DOW are increased generation of functional metabolite contents in the microbes, intrinsic health functions of DOW, and the microbial use of mechanisms of converting the absorbed inorganic ions into highly bioavailable organic ions for the human body. These combined advantages not only enhance the health functions of fermentation products but also provide fermentation products with the intrinsic health functions of DOW.