The worldwide consumption of high-protein food has notoriously increased in recent 21 years. Meat industry generates substantial quantities of protein-rich raw material, which are 22 often discarded as low-value by-products. However, several bioactive compounds can be 23 isolated from these products giving an added value to them. In addition to conventional 24 extraction methods, emerging technologies, including high pressure processing (HPP), 25 ultrasound (US), pulsed electric fields (PEF) can be used for peptide isolation from meat by-26 products allowing to maintain the functional properties of these compounds. Antioxidant and 27 antimicrobial activities are between the properties associated with peptides, what would 28 enable their introduction in foods as ingredient and preservative. This review is focused to 29 gather accurate information about the entire extraction process, from the source used until the 30 final peptides obtained. In this sequence are included the pretreatment of the by-product, the 31 extraction procedure, the fractionation and purification, as well as the assay used for the 32 determination of their antioxidant and antimicrobial activities.