This review examined the potential of hemp components as functional feed and food ingredients, focusing on their impact on the quality and nutritional value of animal products. Following hemp legalization, there was growing interest in its potential to enhance animal diets and processed animal products due to its rich nutritional profile, including high levels of polyunsaturated fatty acids (PUFA), essential amino acids, and fibre. Incorporating hemp components into feed for monogastric animals, particularly poultry, improved lipid stability, sensory attributes, and the fatty acid composition of meat and eggs. Hemp supplementation for ruminants, especially in goats, increased PUFA and conjugated linoleic acid (CLA) content in milk, improved meat tenderness, and enhanced oxidative stability. However, research on hemp supplementation for pigs and beef remained limited, indicating the need for further exploration of these species. Hemp cake, rich in protein, fibre, and essential fatty acids, was the most widely used hemp component due to its economic viability, nutritional benefits, and sustainability, contributing to improved meat and milk quality. Regulatory concerns about the transfer of tetrahydrocannabinol (THC) residues in the produced animal products restricted the use of hemp biomass. In processed animal products, hemp components were studied for their potential to enhance nutritional value, replace animal fats, and serve as natural preservatives. Although they improved the fatty acid profile and antioxidant properties of meat products, challenges such as textural changes and increased lipid oxidation needed to be addressed for optimal use. Limited studies on dairy products indicated promising nutritional enhancements, but textural issues could impact consumer acceptance. In conclusion, hemp components show significant potential for improving the quality and nutritional value of animal products. Further research is necessary to address regulatory, sensory, and formulation challenges and to expand their application across different animal species and processed animal products.