The available cultivable plant‐based food resources in developing tropical countries are inadequate to supply proteins for both human and animals. Such limition of available plant food sources are due to shrinking of agricultural land, rapid urbanization, climate change, and tough competition between food and feed industries for existing food and feed crops. However, the cheapest food materials are those that are derived from plant sources which although they occur in abundance in nature, are still underutilized. At this juncture, identification, evaluation, and introduction of underexploited millet crops, including crops of tribal utility which are generally rich in protein is one of the long‐term viable solutions for a sustainable supply of food and feed materials. In view of the above, the present review endeavors to highlight the nutritional and functional potential of underexploited millet crops. Practical applications Millets are an important food crop at a global level with a significant economic impact on developing countries. Millets have advantageous characteristics as they are drought and pest‐resistance grains. Millets are considered as high‐energy yielding nourishing foods which help in addressing malnutrition. Millet‐based foods are considered as potential prebiotic and probiotics with prospective health benefits. Grains of these millet species are widely consumed as a source of traditional medicines and important food to preserve health.