The snow/pink crab (Chionoecetes opilio) and Northern shrimp (Pandalus borealis) are widely distributed in the North Atlantic Ocean. During processing/consumption, about 80% of the harvest is discarded as processing waste, which is a rich source of protein, chitin, minerals, and carotenoids. This study, for the first time, investigated the proximate composition and individual amino acids, minerals, and carotenoids from different body parts (carapace, shoulder, claw, tip, and leg) of snow crabs and shrimp shells. Shrimp proteins were found to be abundant and well-balanced in their amino acid composition. Compared to shrimp shells, a lower content of amino acids was found in the snow crab, depending on the part of the shell used. Moreover, crab shells, mainly crab claws, contained a higher (p < 0.05) level of chitin compared to shrimp shells. Seven micro-elements (Mn, Fe, Cu, Zn, As, Ba, and Ce) and six macro-elements (Ca, Na, K, Mg, P, and Sr) were identified using inductively coupled plasma-mass spectrometry (ICP-MS). Among them, calcium and iron were higher in crab carapaces (p < 0.05), followed by shrimp shells and other crab shell segments. Additionally, shrimp and crab carapaces contained a significant level of carotenoids, and these were mainly composed of astaxanthin and its mono- and diesters, along with zeaxanthin, astacene, canthaxanthin, and lutein. Thus, this investigation provides detailed information to allow upcycling of shellfish waste and addresses the knowledge gap concerning the availability of various nutrients in different crab sections and shrimp shells.