Fishery processing industries generate large amounts of by-products. The disposal of these wastes represents an increasing environmental and health problem. To avoid wasting these by-products, various disposal methods have been applied including, ensilation, fermentation, hydrolysate and fish oil production. Interestingly, fish by-products provide an excellent nutrient source for microbial growth useful in enzyme production process, which is largely governed by the cost related to the growth media. Fish wastes (heads, viscera, chitinous material, wastewater, etc.) were prepared and tested as growth substrates for microbial enzymes production such as protease, lipase, chitinolytic and ligninolytic enzymes. This new approach described in this review can reduce environmental problems associated with waste disposal and, simultaneously, lower the cost of microbial enzyme production.