‘Ideal’ solvents in biocatalysis have to fulfill a large number of requirements, such as high substrate solubility, high enzyme activity and stability, and positive effects on reaction equilibrium. In the past decades, many enzymatic synthesis routes in water-based and nonaqueous (organic solvents, ionic or supercritical fluids) reaction media have been developed. However, no solvent meets every demand for different reaction types at the same time, and there is still a need for novel solvents suited for different reaction types and applications. Deep eutectic solvents (DESs) have recently been evaluated as solvents in different biocatalytic reactions. They can improve substrate supply, conversion, and stability. The best results were obtained when the DES is formed by the substrates of an enzymatic reaction. A wide range of inexpensive renewables can be used as components of deep eutectic solvents; therefore, the solvents are often biodegradable, nontoxic, nonvolatile, and nonflammable. A broad range of enzymatic and chemo-enzymatic synthesis reactions can be performed in deep eutectic solvents. Most of the reactions, covering transesterifications, epoxidations, and C–C bond formations, are catalyzed by lipases. Deep eutectic solvents can be used to enable new biocatalytic synthesis routes that cannot be realized in conventional reaction media (i.e., aqueous buffers). Components of deep eutectic solvents can be used as substrate and solvent at the same time; this virtually solvent-free approach enables processes with high substrate conversion and high atom efficiency.