The escalating demand for food due to a burgeoning global population has heightened the strain on natural resources, leading to significant challenges in sustainable food production and waste management. Tropical regions, abundant in fruit trees, contribute significantly to this challenge, generating substantial fruit waste during production and consumption processes. This review paper examines the current trends in the utilization of tropical fruit waste, drawing insights from recent research and developments. Through an exploration of bioactive compounds extracted from fruit waste and their potential applications, this paper aims to inspire further innovation in this burgeoning field. Various valorization methods are discussed, highlighting their potential for converting fruit waste into valuable resources. Additionally, the paper explores emerging extraction techniques such as Microwave-Assisted Extraction (MAE), Supercritical Fluid Extraction (SFE), Ultrasonic-Assisted Extraction (UAE), Pressurized Liquid Extraction (PLE), and High Hydrostatic Pressure Technique (HHP), offering promising avenues for maximizing the utilization of tropical fruit waste. Furthermore, case studies on the utilization of specific tropical fruits showcase the diverse applications and value-creation opportunities in this field. This review underscores the importance of sustainable resource management and the potential of fruit waste utilization to address both environmental and food security challenges.