Globally the preference for the food products has a high nutritional value, more health benefits with less or no side effects is increasing. Fish and fish by-products fulfil all nutritional requirements and is a potential food option. The fish and fish by products can provide considerable amounts of protein, fatty acids, vitamins, minerals and other biologically active compounds which can provide nutrition and health benefits. The fish by products is a valuable source of nutrients and have biologically active compounds which exhibit antiviral, antibacterial, antifungal and anti-cancer properties. Though the fish by-products are used for low value products like fish oil, fish meal and fish manure to certain extent, the full potential of valuable ingredients in fish by-products is not utilised. The fish by-products which are nutritionally rich can be used for extraction of high value bioactive compounds pragmatic in nutraceutical and pharmaceutical fields.