Permeates are generated in the dairy industry as byproducts from the production of high‐protein products (e.g., whey or milk protein isolates and concentrates). Traditionally, permeate was disposed of as waste or used in animal feed, but with the recent move toward a “zero waste” economy, these streams are being recognized for their potential use as ingredients, or as raw materials for the production of value‐added products. Permeates can be added directly into foods such as baked goods, meats, and soups, for use as sucrose or sodium replacers, or can be used in the production of prebiotic drinks or sports beverages. In‐direct applications generally utilize the lactose present in permeate for the production of higher value lactose derivatives, such as lactic acid, or prebiotic carbohydrates such as lactulose. However, the impurities present, short shelf life, and difficulty handling these streams can present challenges for manufacturers and hinder the efficiency of downstream processes, especially compared to pure lactose solutions. In addition, the majority of these applications are still in the research stage and the economic feasibility of each application still needs to be investigated. This review will discuss the wide variety of nondairy, food‐based applications of milk and whey permeates, with particular focus on the advantages and disadvantages associated with each application and the suitability of different permeate types (i.e., milk, acid, or sweet whey).