The potato is a tuber with high global demand and importance in the human diet. It is used especially by food industries to manufacture processed products (French fries, chips, and purees), and consequently, significant quantities of potato peel are generated as a by-product. Potato peels are rich in compounds like ascorbic acid, anthocyanins, glycoalkaloids, phenolic compounds, and flavonoids. These biomolecules are related to good health because they protect the body’s cells from oxidative processes and have antioxidant, anti-inflammatory, antitumor, and anticancer properties. Therefore, new extraction methods were applied to recover these compounds and their application. The most extensive extraction of these compounds is maceration, ultrasound-assisted extraction (UAE), microwave-assisted extraction (MAE), and supercritical fluid extraction (SFE). This current work aims to describe the physicochemical composition of potato peels. Besides, the phytochemical composition showed that the peeled potatoes are rich in phenolic compounds, especially chlorogenic acid and anthocyanins. The most common application of peeled potatoes was in food industries, especially cereal products, which can also be employed in food systems to extend the shelf-life of food products.