Valorization of food waste (FW) is instrumental for reducing the environmental and economic burden of FW and transitioning to a circular economy. The FW valorization process has widely been studied to produce various end-use products and summarize them; however, their economic, environmental, and social aspects are limited. This study synthesizes some of the valorization methods used for FW management and produces value-added products for various applications, and also discusses the technological advances and their environmental, economic, and social aspects. Globally, 1.3 billion tonnes of edible food is lost or wasted each year, during which about 3.3 billion tonnes of greenhouse gas is emitted. The environmental (−347 to 2969 kg CO2 equiv/tonne FW) and economic (−100 to $138/tonne FW) impacts of FW depend on the multiple parameters of food chains and waste management systems. Although enormous efforts are underway to reduce FW as well as valorize unavoidable FW to reduce environmental and economic loss, it seems the transdisciplinary approach/initiative would be essential to minimize FW as well as abate the environmental impacts of FW. A joint effort from stakeholders is the key to reducing FW and the efficient and effective valorization of FW to improve its sustainability. However, any initiative in reducing food waste should consider a broader sustainability check to avoid risks to investment and the environment.