Abstract: As an important food resource, aquatic products generate by-products such as fish bones, fish skins, and internal organs during processing, which possess high nutritional value and development potential．With aquatic processing industry expansion, these by-products account for 40% to 55% of total raw materials volume．Currently, aquatic processing by-products utilization rate is relatively low．Traditional processing methods, such as landfill and feed conversion, not only cause environmental pollution but also result in significant waste of bioactive components like proteins, lipids, and minerals．Therefore, promoting by-products high-value utilization has become a research hotpot．Research progress on aquatic processing by-products high-value utilization was systematically reviewed, focusing on extraction technologies, functional characteristics, and application prospects of high-value components such as collagen, fish oil, astaxanthin, and minerals．An outlook on future development directions was conducted to provide scientific references for resource recycling and industrial green transformation．