Fruit waste management has evolved into a multifaceted challenge for the agriculture andfood processing industry, exacerbated by increasingly stringent environmental legislationgoverning waste disposal and sustainability practices. This waste can be transformed andrepurposed as viable sources for food, animal feed, and agricultural fodder, among othervaluable applications. The byproducts derived from food processing operations are rich in awide array of essential resources that hold immense nutritional and industrial significance.These byproducts encompass a diverse spectrum of components, including but not limited todietary fiber, carbohydrates, minerals, organic acids, and a variety of bioactive componentsincluding polyphenols, protein isolates, biofuels, and other useful materials. The advent oftechnologicalinnovations, coupled with scientific advancements, offers promising avenuesfor redefining food waste from a problem to an opportunity.The current review focuses on the use ofbanana and papaya byproducts such as peels, leaves, pseudostem, pseudostem juice, stalk, and inflorescence in various industries as a thickening agent, an alternative source of renewable energy, nutraceuticals, livestock feed, natural fibers, colouring agents, bioactive compounds, and bio-fertilizers.In conclusion, food waste management within food processing industries represents a multifaceted challenge intertwined with environmental, economic, and social factors.Addressing this challenge requires a concerted effort, integrating innovative technologies, sustainable practices, and a shift in the mindset toward waste as a valuable resource.