Background: Shrimp farming and processing plants are the largest seafood industry around the world due to their high demand and market value. The shrimp processing industry produces 50-60% waste of the catch volume. These wastes contain a large quantity of bioactive compounds including chitin, protein, lipid, carotenoid and minerals. Bioactive compounds from shrimp processing waste exhibit various bioactivities, and can be used as food and feed as well as ingredient in functional food preparation. The recent trend of shrimp waste utilization focuses on the bioremediation and energy conversion sectors. Scope and approach: In this review, shrimp processing and the main bioactive compounds from shrimp waste were outlined. The recent applications of bioactive compounds from shrimp waste briefly describe in terms of different bioactivities, food and feed applications, and other industrial approach. Hurdles and future prospectus of shrimp processing waste utilization have been addressed. Key findings and conclusions: Shrimp processing industries generate tremendous amount of waste, which can be extracted to obtain active compounds including chitin, carotenoids and protein hydrolysates, etc. These active compounds act as antioxidant, antimicrobial, anti-hypertensive, anti-inflammatory and anti-proliferative agents. Moreover, due to their functional and nutritional properties, these compounds could be used as natural safe additives or functional food/feed ingredients. Active compounds in shrimp waste open the doors of energy, solid wastes, and wastewater bioremediation. Hence, the future trends of shrimp waste utilization are the movement towards eco-friendly energy conversion, bioremediation and bioplastic area.