AbstractThe risk of inadequate management of agro‐waste is an emerging challenge. However, the economic relevance of agro‐waste valorization is one of the key strategies to ensure sustainable development. Among the agro‐waste, oilseed waste and its by‐products are usually seen as mass waste after the extraction of oils. Oilseed by‐products especially oilseed cakes are a potential source of protein, fiber, minerals, and antioxidants. Oilseed cakes contain high value‐added bioactive compounds which have great significance among researchers to develop novel foods having therapeutic applications. Moreover, these oilseed cakes might be employed in the pharmaceutical and cosmetic industries. Thus, as a result of having desirable characteristics, oilseed by‐products can be more valuable in wide application in the food business along with the preparation of supplements. The current review highlights that plentiful wastes or by‐products from oilseeds are wasted if these underutilized materials are not properly valorized or effectively utilized. Hence, promising utilization of oilseeds and their wastes not only assists to overcome environmental concerns and protein insecurity but also helps to achieve the goals of zero waste and sustainability. Furthermore, the article also covers the production and industrial applications of oilseeds and by‐products along with the potential role of oilseed cakes and phytochemicals in the treatment of chronic diseases.