The flavor democracy hypothesis (or, in other words, democratic mass matrix approach) was introduced in seventies taking in mind three Standard Model (SM) families. Later, this idea was disfavored by the large value of the t-quark mass. In nineties the hypothesis was revisited assuming that extra SM families exist. According to flavor democracy the fourth SM family should exist and there are serious arguments disfavoring the fifth SM family. The fourth SM family quarks lead to essential enhancement of the Higgs boson production cross-section at hadron colliders and the Tevatron can discover the Higgs boson before the LHC, if it mass is between 140 and 200 GeV. Then, one can handle "massless" Dirac neutrinos without see-saw mechanism. Concerning BSM physics, flavor democracy leads to several consequences: tan beta approximate to m(t)/m(b) approximate to 40 if there are three MSSM families; super-partner of the right-handed neutrino can be the LSP; relatively light E(6)-inspired isosinglet quark etc. Finally, flavor democracy may give opportunity to handle "massless" composite objects within preonic models.