The fish processing industry is one of the major business sectors in coastal countries. During the processing of fish or shellfish leads to enormous amounts of waste. The problem of fishery wastes has increased in recent years, becoming a global concern, which is affected by several biological, technical and operational factors as well as socio-economic drivers. Nowadays, both minimize the environmental impact of fish industry waste and recycling of these wastes as a functional byproduct are a very important topic adopted by the experts. Fish processing generates solid wastes that can be as high as 50 to 80% of the original raw material and these wastes are an excellent raw material for the preparation of high value byproducts. In the literature, attempts have been made to study the development of various byproducts from fish and shellfish waste that can be used to produce fish protein concentrate, amino acids, fish oils, minerals, bioactive peptides, collagen, and gelatin as well as other value-added products. These wastes are used in many applications among which the most important are animal feed, biodiesel/biogas, dietetic products, natural pigments, food-packaging applications, cosmetics, enzyme isolation, etc. The main target of this review is to summarize the current and potential uses of fish waste in terms of economic and innovative.