Fermented camel milk, named shubat in Central Asia, is historically and culturally important because it is mainly consumed by Kazakh people who live not only in Kazakhstan but also in close neighboring countries. However, despite its cultural and dietetic significance for this local population, research on its composition and processing technology and the richness of its microflora is relatively scarce. The present review of this product, which is an important beverage in the Kazakh culture, provides up-to-date information regarding its main components and their variability according to different factors, surveys recent changes in the processing technologies for making it using modern techniques, and explores the biodiversity of its microflora. It was reported that the protein, vitamin C, and calcium contents in shubat vary between 1.19 and 5.63%, 28 and 417 mg L−1, and 1.03 and 1.88 g L−1. The lactose content totally disappears. Shubat contains a complex microbial consortium that contributes to its strong reputation for health benefits, but a scientific demonstration of these claims has only been partially achieved.