The growing development of biological products highlights the social and environmental responsibility that several industrial companies are facing in recent years. In this context, the advancement of bioprocessing as an alternative for exploring the potential of ecologically based products, especially in biofuels, food, and agro-industrial business, exposes the rational efficiency of the application of renewable sources in different industrial segments. Industries strongly associated with food production concentrate large amounts of wastes rich in bioactive compounds. A range of highly effective technologies has been highly explored to recover large concentrations of prominent compounds present in these materials. The advances in this scenario assurance value addition to these by-products, in addition to highlighting their various technological applications, considering the biorefinery and ecologically based production concepts. Accordingly, this review article described a detailed and systematic approach to the importance of using bioactive compounds and exploring the main sources of these elements. Also, some recent and innovative research that has achieved encouraging results was highlighted. Furthermore, the study included the main extraction technologies that have been investigated as a strategy of prospecting the application of bioactive compounds and optimizing the processes for obtaining natural compounds from plant sources. Finally, future outlooks were presented to contribute to the innovative opportunities and applicability of highly promising technologies and manipulations of bioactive compounds from a range of perspectives.