The growing need for sustainable and environmentally friendly alternatives in a variety of sectors has emphasized the importance of effective technologies for extracting important biomolecules such as chitin and collagen from marine food waste. Chitin, a natural polymer found abundantly in crab shells, and collagen, a protein found in marine by-products such as fish skins, heads, and frames, are both widely sought after for their many uses in the pharmaceutical, cosmetic, and food sectors. Conventional extraction processes for chitin and collagen, which sometimes use harsh chemicals and need lengthy processing periods, raise concerns about their environmental effect and scalability. Recent advancements in green extraction technologies, such as deep eutectic solvents (DES), natural deep eutectic solvents (NADES), ionic liquids (ILs), supercritical fluid extraction (SFE), enzyme-assisted extraction (EAE), and non-thermal methods such as ultrasound, have received attention for their lower toxicity, improved biodegradability, and potential for increased yields. Collagen derived from marine sources such as fish, jellyfish, and sea cucumbers has gained popularity due to its high output and uses in a variety of industries; however, traditional techniques pose obstacles. Green extraction techniques, such as enzyme-assisted and ultrasonic extractions, are developing as viable alternatives, with lower toxicity, faster processing times, and lesser environmental effect. These techniques help to improve the sustainability and efficiency of chitin and collagen extraction procedures, respectively. Furthermore, incorporating these technologies into marine biorefinery models provides the opportunity for zero-waste processing and contributes to a circular blue economy, which aligns with global sustainability goals. This study examines both traditional and developing green extraction strategies for chitin and collagen, assessing their benefits, limits, and future prospects, with an emphasis on optimizing procedures for large-scale production and the sustainable use of marine food waste.