Animal derived waste, if not disposed properly, could pose a threat to the environment and its inhabitants. Recent advancements in biotechnological and biomedical interventions have enabled us to bioengineer these valuable waste substrates into biomaterials with diversified applications. Rearing and processing of poultry, cattle, sheep, goat, pig, and slaughterhouse waste can aid in effective waste valorization for the fabrication of biopolymers, composites, heart valves, collagen, scaffolds, pigments and lipids, among other industrially important biomaterials. Feathers and eggshell waste from the poultry industry can be used for producing keratinous proteins and biocomposites, respectively. Cattle dung, hoofs and cattle hide can be used for producing hydroxyapatite for developing scaffolds and drug delivery systems. Porcine derived collagen can be used for developing skin grafts, while porcine urinary bladder has antiangiogenic, neurotrophic, tumor-suppressive and wound healing properties. Sheep teeth can be used for the production of low-cost hydroxyapatite while goat tissue is still underutilized and requires more in-depth investigation. However, hydrolyzed tannery fleshings show promising potential for antioxidant rich animal feed production. In this review, the recent developments in the production and application of biomaterials from animal waste have been critically analyzed. Standardized protocols for biomaterial synthesis on a pilot scale, and government policy framework for establishing an animal waste supply chain for end users seem to be lacking and require urgent attention. Moreover, circular bioeconomy concepts for animal derived biomaterial production need to be developed for creating a sustainable system.