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Peoples can readily and affordably obtain small indigenous fish species (SIS), with a maximum length of 25 cm, that can be found in niches in small bodies of water (such as canals, ponds, wetlands, streams, etc.). SIS contribute valuable and significant macro- and micronutrients in Bangladesh. SIS are excellent suppliers of vitamins and minerals. The main micronutrients are copper, iodine, iron, selenium, chromium, and zinc, which can help prevent mineral deficiency and enzymatic response in the human body. SIS, such as the mola (Amblypharyngodon mola), cotio (Osteobrama cotio), darkina (Esomus danricus), etc., are easily digestible by the human gut. Nutrients of these fish are quickly accessible by the intestine. These fish are comparatively cheap and easy to capture and promote the presence of particular vitamins in SIS, including A, D, E, and K, as well as vitamin B components. This review paper focuses on the SIS nutritional contribution and their efficacy of preventing malnutrition in developing countries such as Bangladesh and the whole world.

Fishery production is exponentially growing, and its by-products negatively impact industries’ economic and environmental status. The large amount of bioactive micro- and macromolecules in fishery by-products, including lipids, proteins, peptides, amino acids, vitamins, carotenoids, enzymes, collagen, gelatin, chitin, chitosan, and fucoidan, need to be utilized through effective strategies and proper management. Due to the bioactive and healthy compounds in fishery discards, these components can be used as functional food ingredients. Fishery discards have inorganic or organic value to add to or implement in various sectors (such as the agriculture, medical, and pharmaceutical industries). However, the best use of these postharvest raw materials for human welfare remains unelucidated in the scientific community. This review article describes the most useful techniques and methods, such as obtaining proteins and peptides, fatty acids, enzymes, minerals, and carotenoids, as well as collagen, gelatin, and polysaccharides such as chitin–chitosan and fucoidan, to ensure the best use of fishery discards. Marine-derived bioactive compounds have biological activities, such as antioxidant, anticancer, antidiabetic, anti-inflammatory, and antimicrobial activities. These high-value compounds are used in various industrial sectors, such as the food and cosmetic industries, owing to their unique functional and characteristic structures. This study aimed to determine the gap between misused fishery discards and their effects on the environment and create awareness for the complete valorization of fishery discards, targeting a sustainable world.