Food waste (FW) generation and disposal is an unavoidable part of the day-to-day life of every human being. Irrespective of the geographical area, the problems associated with food waste and its valorisation pose a great threat to all countries. Taking into consideration the nutritive value of the discarded food, there are several strategies developed for its effective valorisation rather than careless discharge that may lead to several environmental hazards. The concept of food-based biorefineries for the development of value-added products has gained much momentum in recent decades. Food waste based on its composition can be utilised for producing a variety of products through fermentation approach. The major products of fermentation of food waste include industrially important enzymes, biopolymers, biofuels, single-cell proteins (SCPs) and organic acids. Each of these products has very high commercial value and a diverse scope for applications. As the modern world goes through the principles of sustainable development and a closed-loop system ensuring zero wastage, the fermentation of food waste for product development can prove worthwhile in solving the issues associated with food waste generation and disposal.