The increasing amounts of food wastage and accumulation generated per annum due to the growing human population worldwide often associated with environmental pollution issues and scarcity of natural resources. In view of this, science community has worked towards in finding sustainable approaches to replace the common practices for food waste management. The agricultural and food processing wastes rich in nutrients are often the attractive substrates for the bioconversion for valuable bioproducts such as industrial enzymes, biofuel and bioactive compounds. The sustainable approaches on the re-utilization of food wastes as the industrial substrates for production of valuable bioproducts has meet the goals of circular bioeconomy, results in the diversify applications and increasing market demands for the bioproducts. This review discusses the current practice and recent advances on reutilization of food waste for bioconversion of valuable bioproducts from agricultural and food processing wastes.