Scarcity of nutritive protein is a major global problem, the severity of which is bound to increase with the rising population. The situation demands finding additional sources of proteins that can be both safe as well as acceptable to the consumer. Food waste, particularly from seafood is a plausible feedstock of proteins in this respect. Fishing operations result in appreciable amounts of bycatch having poor food value. In addition, commercial processing results in 50 to 60% of seafood as discards, which consist of shell, head, fileting frames, bones, viscera, fin, skin, roe, and others. Furthermore, voluminous amounts of protein-rich effluents are released during commercial seafood processing. While meat from the bycatch can be raw material for proteinous edible products, proteins from the process discards and effluents can be recovered through biorefining employing upcoming, environmental-friendly, low-cost green processes. Microbial or enzyme treatments release proteins bound to the seafood matrices. Physico-chemical processes such as ultrasound, pulse electric field, high hydrostatic pressure, green solvent extractions and others are available to recover proteins from the by-products. Cultivation of photosynthetic microalgae in nutrient media consisting of seafood side streams generates algal cell mass, a rich source of functional proteins. A zero-waste marine bio-refinery approach can help almost total recovery of proteins and other ingredients from the seafood side streams. The recovered proteins can have high nutritive value and valuable applications as nutraceuticals and food additives.