We use a simple quark-diquark model to describe unpolarized, longitudinally polarized, and transversely polarized fragmentation functions for the octet baryons. All free parameters of the model are determined based on the experimental data on octet baryon B production in the e(+)e(-)-->BX process. The SU(3) flavor symmetry breaking effect in the octet baryon fragmentation functions is investigated. The strangeness suppression effect in hyperon production of e(+)e(-) annihilation is found to be significant, and its relevant consequences for the cross sections of octet hyperon production in pp collisions are estimated. In order to check the flavor structure of the octet hyperon fragmentation functions, hyperon-antihyperon asymmetries in k(+)p collisions are provided. Furthermore, we find that the spin observables calculated with the Lambda fragmentation functions are compatible with available experimental data on the longitudinally polarized Lambda production. Spin observables for other octet baryons produced in various inclusive processes are also predicted for future experiments.