Fish processing industry has experienced significant growth, playing an important role in the world economy. The increased exploration of marine resources contributes to the generation of considerable amounts of biowaste, which ends up as discards. In the face of the resultant disposal and environmental problems, many efforts have been made to deal with the fishery waste in more efficient ways. Nowadays, these by-products are regarded as important sources of high added value compounds, such as hydroxyapatite, collagen, gelatin, lipids, enzymes, hydrolysates and bioactive peptides, with great potential for human health applications. The present paper aims to review the current methods of extraction and characterization of added value products from fish by-products, as well as their actual and potential applications.