Iron and calcium are two essential micronutrients that have strong effects on nutrition and human health because of their involvement in several biological and redox processes. Iron is responsible for electron and oxygen transport, cell respiration, and gene expression, whereas calcium is responsible for intracellular metabolism, muscle contraction, cardiac function, and cell proliferation. The bioavailability of these nutrients in the body is dependent on enhancers and inhibitors, some of which are found in consumed foods. Hydrolyzed proteins and peptides from food proteins can bind these essential minerals in the body and facilitate their absorption and bioavailability. The binding is also important because excess free iron will increase oxidative stress and the risks of developing chronic diseases. This paper provides an overview of the function of calcium and iron, and strategies to enhance their absorption with an emphasis on hydrolyzed proteins and peptides from foods. It also discusses the relationship between the structure of peptides and their potential to act as transition metal ligands.