The Iceland scallop from the Barents Sea is a commercially important species with promising aquaculture potential, but information on the biochemical properties of its tissues is limited. Our analysis of the adductor muscle, gonad, and mantle of this bivalve mollusk from coastal waters provided insight into its amino acid composition. Biochemical analysis revealed predominant levels of glycine (11.8, 11.5, and 9.6 mg g−1, respectively) and arginine (11.2, 8.3, and 5.8 mg g−1, respectively). While multivariate comparisons did not reveal significant differences in amino acid composition between the tissues, single comparisons showed significantly higher levels of arginine and leucine in the adductor muscle compared to those of the mantle. The abundant presence of glycine and arginine underscores their importance in maintaining basic physiological processes, consistent with other scallop species. Redundancy analysis identified water depth and scallop gonad index as influential factors shaping the amino acid profile in the adductor muscle. In the case of the mantle, water temperature emerged as the main driver of amino acid content. Our results confirm the richness of essential amino acids in scallop by-products and highlight their potential for human consumption, production of feed ingredients for farmed animals, and nutraceuticals.