The oxidation process is considered to be the main reason behind human aging, human degenerative diseases and food quality degradation. Food-derived peptidic antioxidants (PAs) have wide sources and great activity, and have broad application prospects in removing excess reactive oxygen species in the body, anti-aging and preventing and treating diseases related to oxidative stress. On the other hand, PAs are expected to inhibit the lipid peroxidation of foods and increase the stability of the food system in the food industry. However, the production pathways and action mechanism of food-derived PAs are diverse, which makes it is difficult to evaluate the performance of PAs which is why the commercial application of PAs is still in its infancy. This article focuses on reviewing the preparation, purification, and characterization methods of food-derived PAs, and expounds the latest progress in performance evaluation and potential applications, in order to provide an effective reference for subsequent related research of PAs.