Nuclear Magnetic Resonance (NMR) spectroscopy is proving to be a very valuable technique for characterizing the metabolic status of a range of microbial fermentations. This non-invasive method allows us not only to determine the presence of particular metabolites, but also to monitor reaction rates, enzyme activities and transport mechanisms in vivo. Despite the low levels of the carbon-13 isotope (1.1%), natural-abundance C-13-NMR studies have proven useful in monitoring the progress of various fermentation processes. Furthermore, P-31-NMR can provide noninvasive information relating to cellular metabolism, and on the energy status of the cells. This results from the facility with NMR to identify various nucleotide phosphates and other energy-rich compounds in the cell, as well as to characterize changes in the intracellular pH from the chemical shifts of internal phosphate and other phosphorylated intermediates. In this review, we will summarize the use of NMR as an analytical tool in biotechnology and also discuss examples that illustrate how NMR can be used to obtain significant information on the characteristics of ethanol fermentations in both yeasts and bacteria.