A massive amount of crustaceans and bivalves are consumed each year, leading to millions of tons of processing side streams from the seafood industry. Considering the current trend of (bio)circular and zero-waste food production, crustacean and bivalve processing side streams (CBPS) seem a promising and emerging resource for producing high-value-added products. This paper highlights the general composition of CBPS with high commercial values, namely, protein, lipids, carotenoids, minerals and chitins. The extraction strategies of these fractions, including conventional chemical and environmentally friendly methods, are also discussed. This review presents and summarises CBPS as raw materials for developing fast time-to-market products complying with specific EU regulations, including animal feeds, bio-pesticide/stimulants, and cosmetic ingredients. This paper also provides insights into challenges of applying CBPS as raw materials to generate products for human consumption.