The continuously increasing energy requirement on one hand and the incessant depletion of non-renewable fossil fuels on the other urge us to focus on alternative renewable energy sources such as biofuels. Biofuels including biodiesel, bioethanol, biobutanol, biohydrogen, etc., are generated from different biological sources, and their waste which stands as the best alternative in the present scenario. Specifically, the utilization of biological wastes as raw materials for the production of biofuels is considered as best waste management practice. To date, most of the biodiesel production research has been carried out with plant, algal, and microbial samples, or their waste. It is a well-known fact that diesel can also be produced from specific oily fish and their waste using different methods. In addition, fish waste constitutes a major quantity compared to other food waste which is a serious concern. Furthermore, the disposal of fish waste shows an impact on both the environment and the economy. Hence, the development of protocols for the efficient production of biodiesel from fish waste is the ultimate goal. However, insufficient knowledge and less effort in the conversion of fish waste to biodiesel impede the achievement of this goal. Therefore, this review intends to summarize the mechanism of biodiesel production from fish waste. Also, various physico-chemical factors involved in biodiesel production from fish waste were discussed. In addition, research on biodiesel generation from various fish wastes or waste fish oil was also emphasized in detail, which will be helpful for commercial practice. Overall, this information will be useful for improvement in biodiesel production from fish waste.