This review analyzes data available in the literature and the author's own data on the phenotypic variability of bacteria that occurs within the framework of a genotype unchanging in terms of the genetic information stored. This variability is a form of bacterial adaptation to an unstable environment and results from a specific form of natural selection. This phenomenon arose evolutionarily not as a mechanism to provide genetic diversity for the divergence process but as a mechanism of species stabilization; therefore, it was termed phenotype metastability. It includes, as specific variants, processes known as phase and antigenic variations, R-S-M dissociation, phenotype conversion, etc. The mechanisms of phenotype metastability are extremely diverse. They include alternative expression (of the switch on-switch off type) of individual genes or small groups of genes; variation in the composition of synthesized proteins controlled at the level of transcription; expression of complex phenotypes adapted to different environmental conditions that involves phage transposition, reading-frame-shift mutations, etc. The phenomenon of phenotype metastability is widespread among bacteria.