Final answer:
Escherichia coli (E. coli) has been a pivotal species in advancing molecular biology due to its genetic similarities with higher organisms.
Step-by-step explanation:
The bacterial species that played a central role in advancing the field of molecular biology is Escherichia coli (E. coli). E. coli has been instrumental in our understanding of gene regulation, DNA replication, and protein synthesis. The use of E. coli as a model organism comes from the fact that although it is a simple prokaryote, many molecular and genetic processes found in E. coli are homologous to those in higher organisms, including humans. This makes it an invaluable tool for research in molecular biology, contributing significantly to our understanding of fundamental biological processes.