A large percentage of a fish's weight is generally discarded during fish processing. Reducing the waste products of marine origin is a subject of great interest within the scientific community. Pelagic byproducts, such as the structural protein collagen, which can be generated during the processing of fish, have been proposed as an alternative to terrestrial, mammalian sources due to advantages including high availability and low risk of zoonotic disease transmission. Gelatine has multiple possible applications, ranging from nutraceutical applications to cosmetics and has the advantage of being generally regarded as safe. In this multidisciplinary review, the chemistry of gelatine and its parent protein collagen, the chemical reactions to generate their hydrolysates, and studies on their biological activities using animal cell culture are discussed.