In response to the exponential growth in world population, there has been a striking surge in the volume of discarded fish worldwide. This surge is particularly evident in the fish processing industry, where a substantial amount of waste is generated, posing significant environmental concerns. Consequently, the repurposing and utilisation of these waste materials have emerged as pivotal processes for the preservation of marine resources. By employing innovative strategies, valuable products can be extracted from these fish by-products, offering not only economic advantages but also contributing to mitigating environmental impacts. This comprehensive literature review focuses on exploring diverse avenues for using fish waste and extracting high-value materials such as bioactive peptides, collagen, and enzymes, elucidating their potential applications across various industries. The literature review also demonstrates the possibility of extracting various bio-compounds from highly diverse fish waste. It has been observed that there is a need for optimisation of extraction protocols, as the variation in extraction methods and respective conditions significantly affects the extraction yields of the products. Moreover, considering our specific interest in the fish species endemic to The Azores, a meticulous characterisation will be conducted, as there is limited knowledge about waste utilisation processes specific to this archipelago.