Even though sheep and goat processed meat products are not as popular as pork, beef or poultry and are generally considered not as important, they have a very important role in meat consumption around the world. A concise review of the origin and type of the most important sheep and goat processed meat products produced in different countries and world regions is made. The manuscript also summarizes the most recent studies on sheep and goat processed meats on the physicochemical characterizations, sensory quality, microbiological quality and safety. Some conclusions and future trends in production, processing and commercial potentiality for sheep and goat processed meat products are discussed. Several possibilities exist to make them more diversified and appealing to the market. Processing meat from culled animals is an interesting way to value animals with low market acceptability. Some as fermented sausages, cured legs and pâtés have great commercial potential as highly acceptable consumer commodities. An interesting field of food research is the rediscovery of a new generation of goat and sheep meat products as functional foods that will respond to the constant innovation required by the meat industry. Everything related to food safety must be considered in the future.