Extraction techniques play a crucial role in modern food processing, enabling the efficient separation of oil, bioactive compounds, antioxidants, flavors, and essential components from raw materials as well as from food waste materials. Dietary components are typically integrated inside the plant matrix, which makes it difficult to separate them from food sources in a sustainable manner. The solvent selection, extraction temperature, concentration differential, diffusion coefficient, and source matrix are the main influencing factors for efficient extraction. Conventional extraction techniques rely on organic solvents, which are time-consuming, require an excessive amount of solvent, and are not eco-friendly. Researchers and food manufacturers are exploring novel extraction techniques which can enhance productivity, sustainability, and product quality as customers demand for safer and more natural products. This chapter offers an informative overview of selected cutting-edge extraction techniques including their mechanisms, merits, and limitations that are transforming the contours of food processing along with their future prospects. Novel extraction techniques, including supercritical fluid extraction (SFE), ultrasound-assisted extraction (UAE), microwave-assisted extraction (MAE), pulsed electric field-assisted extraction (PAE), and enzyme-assisted extraction (EAE) are considered green and efficient alternative extraction techniques. However, food processors need to select an appropriate extraction technique that maintains a balance among quality of product, extraction efficiency, extraction costs, and environmental friendliness.