Canning extends the shelf life of seafood products while preserving their quality. It is increasingly considered a more sustainable food processing method due to the primary fishing methods used for key species and the lower energy costs compared to the production of fresh and frozen fish. However, canning can change key components, allow some contaminants to persist, and generate undesirable compounds. This review revisits the effects of canning on product quality and highlights the potential hazards that may compromise safety. It also examines emerging trends in product development, particularly novel formulations aimed at optimizing nutritional value while maintaining safety standards without compromising sustainability. Overall, the quality of most canned seafood meets industry requirements, for example, with improvements in processing strategies and strict safety protocols, leading to reduced histamine levels. However, data on marine biotoxins and microplastics in canned seafood remain limited, calling for more research and monitoring. Environmental contaminants, along with those generated during processing, are generally found to be within acceptable limits. Product recalls related to these contaminants in Europe are scarce, but continuous monitoring and regulatory enforcement remain essential. While new formulations of canned fish show promise, they require thorough evaluation to ensure both nutritional value and safety.