Around one-third of the globally available food is wasted annually due to mismanagement and a lack of proper food preservation strategies. This enormous amount of food waste needs to be dealt with using an appropriate waste management strategy to reduce the amount of dumped waste. Food wastes contain energy-rich nutrients that can be converted into valuable products by implementing proper conversion technologies. This chapter explores various approaches to food waste conversion to valuable by-products, such as thermochemical, biochemical, and chemical conversion routes. Among several biochemical conversion routes, anaerobic digestion (AD) and composting are promising methods to deal with a large amount of food waste, as this waste is organic and has a high amount of moisture content. Incineration, gasification, and pyrolysis, among other thermochemical routes, are widely available technologies due to their improved performance, especially incineration. This study concludes that thermochemical routes are less preferred than the biochemical routes due to the high moisture content of the waste, which results in a lower calorific value product. This work reveals that, apart from converting food waste to energy, several valuable products like antioxidants, corrosion inhibitors, organic acids, sugars, and activated carbon (AC) adsorbents can be extracted from food waste. Lastly, the limitations and prospects of each food waste conversion route are discussed to implement them on a large scale in developing and underdeveloped countries to mitigate the energy crisis and the demand for different valuable products.