Copra meal, the byproduct of coconut oil production, has been widely available at low cost but has been underutilized, with huge portions still becoming waste. Extensive research on different species have been performed to improve its use as an alternative feed ingredient, aiming to reduce the impact of fluctuating feed prices in some parts of the world where coconut is a major commodity. As for any biological product, the physical and chemical properties of copra meal play a crucial role in its use and limitations. In the case of copra meal, studies have found that additional treatments are needed to improve its nutritional composition and make it readily and efficiently available for ruminant and monogastric animals, poultry, and aquaculture applications. This paper presents a summary of up-to-date information on the physical and chemical characteristics of the product, as well as discussions on the various methods employed to improve and optimize its biological value as animal feed. There have been limited studies that have explored other effective and economical means of utilizing copra meal outside the livestock and feed industry. Hence, this paper also aims to provide a lens on future prospects and diverse applications involving copra meal, as well as to present the gaps and challenges that have to be addressed to maximize its product value and biological potential.