Meat industry generates large volumes of by-products like blood, bones, meat trimmings, skin, fatty tissues, horns, hoofs, feet, skull and viscera among others that are costly to be treated and disposed ecologically. These costs can be balanced through innovation to generate added value products that increase its profitability. Rendering results in feed ingredients for livestock, poultry and aquaculture as well as for pet foods. Energy valorization can be obtained through the thermochemical processing of meat and bone meal or the use of waste animal fats for the production of biodiesel. More recently, new applications have been reported like the production of polyhydroxyalkanoates as alternative to plastics produced from petroleum. Other interesting valorization strategies are based on the hydrolysis of by-products to obtain added value products like bioactive peptides with relevant physiological effects as antihypertensive, antioxidant, antidiabetic, antimicrobial, etc. with promising applications in the food, pharmaceutical and cosmetics industry. This paper reports and discusses the latest developments and trends in the use and valorisation of meat industry by-products.