Strain-to-strain variations in bacterial biofilm formation, metabolism, motility, virulence, evolvability, DNA repair and resistance (to phage, antibiotics, or environmental stresses) each contribute to bacterial diversity. Microbiologists should be aware that all of these traits are subject to constraints imposed by trade-offs, so adaptations improving one trait may be at the cost of another. A deeper appreciation of trade-offs is thus crucial for assessing the mechanistic limits on important bacterial characteristics. Studies of the negative correlations between various traits have revealed three molecular mechanisms, namely, trade-offs involving resource allocation, design constraint, and information processing. This review further discusses why these trade-off mechanisms are important in the establishment of models capable of predicting bacterial competition, coexistence, and sources of diversity.