Tropical fruits represent one of the most important crops in the world. The continuously growing global market for the main tropical fruits is currently estimated at 84 million tons, of which approximately half is lost or wasted throughout the whole processing chain. Developing novel processes for the conversion of these byproducts into value‐added products could provide a viable way to manage this waste problem, aiming at the same time to create a sustainable economic growth within a bio‐economy perspective. Given the ever‐increasing concern about sustainability, complete valorization through a bio‐refinery approach, that is, zero waste concept, as well as the use of green techniques is therefore of utmost importance. This paper aims to report the status on the valorization of tropical fruit byproducts within a bio‐refinery frame, via the application of traditional methodologies, and with specific attention to the extraction of phenolics and carotenoids as bioactive compounds. The different types of byproducts, and their content of bioactives is reviewed, with a special emphasis on the lesser‐known tropical fruits. Moreover, the bioactivity of the different types of extracts and their possible application as a resource for different sectors (food, pharmaceutical, and environmental sciences) is discussed. Consequently, this review presents the concepts of tropical fruit biorefineries, and the potential applications of the isolated fractions.