In recent years, several studies have reported the beneficial effects of antioxidant peptides in delaying oxidation reactions. Thus, a growing number of food proteins have been investigated as suitable sources for obtaining these antioxidant peptides. In this study, some of the most critical developments in the discovery of peptidic antioxidants are discussed. Initially, the primary methods to release, purify, and identify these antioxidant peptides from various food‐derived sources are reviewed. Then, computer‐based screening methods of the available peptides are summarized, and methods to interpret their structure–activity relationship are illustrated. Finally, approaches to the large‐scale production of these bioactive peptides are described. In addition, the applications of these antioxidants in food systems are discussed, and gaps, future challenges, and opportunities in this field are highlighted. In conclusion, various food items can be considered promising sources to obtain these novel antioxidant peptides, which present various opportunities for food applications in addition to health promotion. The lack of in‐depth data on the link between the structure and activity of these antioxidants, which is critical for the prediction of possible bioactive amino acid sequences and their potency in food systems and in vivo conditions (rather than in vitro systems), requires further attention. Consequently, future collaborative research activities between the industry and academia are required to realize the commercialization objectives of these novel antioxidant peptides.