The physicochemical treatment/recovery techniques, including precipitation, membrane technology, solvent extraction, foam fractionation, adsorption, and aqueous two-phase systems, will be reviewed. The bio-treatment processes, based on microorganisms and/or enzymes consuming nutrients available in food-processing wastewater as low-cost substrates to produce valuable products, will be discussed in detail, including the production of microalga biomass in wastewater treatment systems. Finally, future research direction will be proposed to integrate the circular economy and develop integrated food processing wastewater management systems.