The global population has rapidly expanded in the last few decades and is continuing to increase at a rapid pace. To meet this growing food demand fish is considered a balanced food source due to their high nutritious value and low cost. Fish are rich in well-balanced nutrients, a good source of polyunsaturated fatty acids and impose various health benefits. Furthermore, the most commonly used preservation technologies including cooling, freezing, super-chilling and chemical preservatives are discussed, which could prolong the shelf life. Non-thermal technologies such as pulsed electric field (PEF), fluorescence spectroscopy, hyperspectral imaging technique (HSI) and high-pressure processing (HPP) are used over thermal techniques in marine food industries for processing of most economical fish products in such a way as to meet consumer demands with minimal quality damage. Many by-products are produced as a result of processing techniques, which have caused serious environmental pollution. Therefore, highly advanced technologies to utilize these by-products for high-value-added product preparation for various applications are required. This review provides updated information on the nutritional value of fish, focusing on their preservation technologies to inhibit spoilage, improve shelf life, retard microbial and oxidative degradation while extending the new applications of non-thermal technologies, as well as reconsidering the values of by-products to obtain bioactive compounds that can be used as functional ingredients in pharmaceutical, cosmetics and food processing industries.