At the behest of the Green Deal, circular economy concepts are currently being widely promoted, not least within the aquaculture sector. The current study aims to demonstrate the technical feasibility of extracting collagen and fish oils from waste Atlantic bluefin tuna biomass originating from the Maltese aquaculture industry. For collagen, a three-stage methodology, consisting of pre-treatment, extraction, and retrieval, was applied to biomass originating from bone, skin, muscle, and internal organs (offal) in order to extract both acid-soluble collagen (ASC) and pepsin-soluble collagen (PSC). The chemical identity of the extracted collagen was confirmed through the conduction of hydroxyproline and SDS-PAGE tests as well as through FTIR, whilst the extracted collagen was also tested for its microbiological and heavy metal profiles. The collagen yield was found to be highest for skin tissue and for PSC-based protocols and is comparable to the yield cited in the literature for other tuna species. Oils were extracted through low temperature, high temperature, and enzymatic means. The fatty acid profile of the extracted oils was assessed using GC-FID; this indicated high proportions of EPA and DHA. Yield indicated that the enzymatic extraction of oil is most effective. High heat and the presence of iron-containing muscle starting material promote oxidation and rancidity. Further effort into the optimization of both collagen and lipid extraction protocols must be invested, with a special focus on the production of high-value fractions that are much closer to the quality required for human use/consumption.