The meat processing industry produces a huge quantity of by-products, approximately 150 million tonnes per year. The live weight of the animals is distinguished as edible, inedible, and discardable by-products, with the discardable parts equating to 66%, 52%, and 80% of the overall live weight of cattle, lamb, and pigs, respectively. Only a small percentage of those by-products are nowadays exploited for the production of high added value products such as animal feed, glue, fertilizers, etc., whereas the main management method is direct disposal to landfills. As such, the current disposal methodologies of these by-products are problematic, contributing to environmental contamination, soil degradation, air pollution, and possible health problems. Nevertheless, these by-products are rich in collagen, keratin, and minerals, being thus promising sources of high-value materials such as bioenergy, biochemical and other biomaterials that could be exploited in various industrial applications. In this paper, the possible utilization of slaughterhouse by-products for the production of various high added value materials is discussed. In this context, the various processes presented provide solutions to more sustainable management of the slaughterhouse industry, contributing to the reduction of environmental degradation via soil and water pollution, the avoidance of space depletion due to landfills, and the development of a green economy.