The present review is dedicated to using of peat on the example of fen peat in high added-value products and applications. Mainly, but not limited, last decade literature was analysed from the perspective of innovation potential of peat applications in environmental technologies on examples of studies from the Baltic Sea region. Paper covers a wide range of applications of peat products started from agriculture to medicine and cosmetics. A separate chapter is devoted to the deep-processed peat product - humic substances (humate, humic and fulvic salts and acids). Generalised dependence of product extraction rate and its properties, depending on the process parameters are provided. Widely are described applications of the humic sub-stance applications covering economic aspects, such as production costs. In the last chapter of the review are given recommendations for applications considering the most recent trends of peat-based product developments. This accumulated information could be useful for future production, development of new, environmentally friendly products and start-ups establishment.