The red swamp crayfish (Procambarus clarkii) was introduced from Japan to China in the 1920s. Crayfish are now widely distributed in almost all types of freshwater wetlands, including rice fields, ditches, swamps, lakes, and ponds in most provinces of China, owing to their multi-directional movement, rapid growth, adaptability to the environment, and relatively high fecundity. The delectable taste and high nutritional value of crayfish have made them popular among consumers, leading to the significant development of red swamp crayfish farming in the last two decades. Currently, it represents the largest proportion of commercially farmed freshwater crustaceans in China and has become an integral component of China’s aquatic economy. Crayfish are highly valued for their edibility and for their by-products, which have various important uses. This review discusses nutrient composition, active ingredients, safety evaluation, processing and preservation, and comprehensive utilization of crayfish by-products to explore and organize the existing knowledge about crayfish and to promote the growth of the crayfish industry. This comprehensive review aims to provide a basis for the optimal utilization and sustainable development of crayfish resources worldwide.