Worldwide, a huge amount of agricultural food wastes and byproducts containing valuable bioactive compounds are generated, especially throughout the entire supply chain. Minimizing food wastes and byproducts is the first option to avoid environmental problems, and to help the economy and the society. Although many countries implement policies to reduce food wastes and byproducts, and different management methods are available to utilize agricultural food wastes, they are still produced annually. Nanotechnological and biotechnological approaches are recently used as novel and green applications to valorize agricultural food wastes and improve their stability and applicability. In this Review, these approaches are covered in detail with given examples. Another valorization way of consumable food waste is using it for functional food production. This Review focuses on specific examples of functional foods with food waste as an ingredient. In addition, the problems and limitations of waste management and valorization methods are investigated, considering future perspectives.