Figs are a valuable source of nutrients including polyphenols, dietary fiber, and minerals. Cultivation and consumption of figs generates a considerable amount of by‐products and waste which are also nutrient‐rich. Fig unexploited mass can efficiently be valorized in the frame of circular bioeconomy for the development of functional foods, food supplements, cosmetics, and pharmaceuticals. Herein, we provide a thorough assessment of the chemical composition of figs towards the potential utilization of unexploited fig biomass for the generation of bio‐based materials. Conventional and novel processes such as drying and extraction leading to the isolation of targeted ingredients are critically discussed.This article is protected by copyright. All rights reserved.