Environmental consciousness and constraints in developed societies over the past 20 years have brought about a dramatic impact on tannery operations worldwide. Leather industry has been categorized as one of the most polluting industries, and it spoils the continuity of environmental rhythm because of the generation of liquid, solid and gaseous wastes and also by-products. Solid organic wastes involving untanned (trimmings, fleshings and splits) and tanned (trimmings, splits and shavings) wastes and by-products depending on their proteinic character have an advantage of recovery and reuse potentials instead of disposal to landfills in terms of environmental sustainability. These solid wastes and by-products are not properly treated and disposed of; hence, they can cause environmental damages to soil and groundwater as well as release emissions and poisonous greenhouse gases into the atmosphere. Valorization of these tannery solid wastes and by-products with different methods and processes is highly important for the perspective of eco-benignity and with respect to converting into new value-added products. This chapter focuses on the evaluation of the tannery solid wastes and by-products by partial and total denaturation and hydrolyzation. This paper also examines in general the specifications, production techniques and applications of collagen peptides in several industries.