There is a large generation of meat by-products, not only from slaughtering but also in the meat industry from trimming and deboning during further processing. This results in extraordinary volumes of by-products that are primarily used as feeds with low returns or, more recently, to biodiesel generation. The aim of this work was to review the state of the art to generate bioactive peptides from meat industry by-products giving them an added value. Hydrolysis with commercial proteases constitutes the typical process and a variety of peptides result from such extensive proteolysis. This review focuses on the potential of meat by-products for the generation of bioactive peptides through enzymatic hydrolysis. The potential of some of the identified peptides to be used as bioactive supplements in foods has also been considered.