Bacillus spp. are widely used as a biological agent in the management of diseases in crops, livestock, poultry and aquatic animals. Bacillus velezensis is a novel species of the genus Bacillus. This species produces various secondary metabolites, and shows a broad spectrum of antimicrobial activities, and promotes plants and animal growth. Additionally, it is widely used in the biological control of animal and plant diseases. Here, we review the taxonomic status, methods of identification, antimicrobial substances and related gene clusters, antagonistic mechanism and application of B. velezensis. Industrial and agricultural applications of B. velezensis are elaborated and the existing problems are discussed, to provide a useful reference for the study and application of B. velezensis.