Food waste generation is increasing globally due to differing causes, either because of excessive consumption in developed countries or lack of postharvest and processing facilities in developing countries. Every year, about 6.3 billion ton agricultural residues and food wastes are generated globally. Food waste is a major concern for the environment especially because of greenhouse gas emissions, and they provide habitat for breeding of pathogens and their vectors. Food wastes also result in the loss of natural resources and farm input including land, water, energy, fertilizer and efforts. Recycling and upcycling of food wastes conserve resources, mitigate environmental impacts and global hunger and help to meet other sustainable development goals (SDGs). The microbial upcycling of food waste into value-added products including food and beverages, single-cell proteins, bioplastic, biochemicals, enzymes, compost and biofertilizers, mushroom, probiotics and prebiotics, and various biofuel carriers, can lead to a multiproduct value chain spurring biomanufacturing economy. Food upcycling provides a credible route for harnessing microbial potentials for enhancing food security. It also contributes to circular economy, potentially resulting in net-zero wastes. The suite of available technology for the upcycling of food wastes can be grouped into biochemical and thermochemical conversions and their hybrid. The future of wastes-to-products is quite promising, but there are logistical, infrastructural, technological, and policy hurdles that need to be addressed for it to come to reality.