Underutilized marine resources (e.g., algae, fish, and shellfish processing by-products), as sustainable alternatives to livestock protein and interesting sources of bioactive com- pounds, have attracted the attention of the researchers. Aquatic products processing industries are growing globally and producing huge amounts of by-products that often discarded as waste. However, recent studies pointed out that marine waste contains several valuable components including high-quality proteins, lipids, minerals, vitamins, enzymes, and bioactive compounds that can be used against cancer and some cardiovascular disorders. Besides, previously conducted studies on algae have shown the presence of some unique biologically active compounds and valuable proteins. Hence, this chapter points out recent advances in this area of research and discusses the importance of aquaculture and fish processing by-products as alternative sources of proteins and bioactive compounds.