Carotenoids are one of the most studied groups of biologically active compounds. They have antioxidant, anti-inflammatory, anti-cancer, and coloring properties and are particularly interesting for the pharmaceutical, nutraceutical, food, feed, cosmetic, and textile industries. Rapidly growing consumer demand for natural products has led to a significant increase in research and development of opportunities for their production from natural sources. Among the sources of carotenoids of natural origin, various microorganisms are of greater interest. This mini-review briefly summarizes the information published mainly during the last decade about carotenoid-producing microorganisms, the physiological importance of carotenoids for microbial cells, and the possibilities to improve their biosynthesis. This review also describes some new approaches/directions to make biotechnological production of microbial carotenoids more efficient.