Cocoa bean shell (CBS) is one of the main solid wastes derived from the chocolate industry. This residual biomass could be an interesting source of nutrients and bioactive compounds due to its high content in dietary fibres, polyphenols and methylxanthines. Specifically, CBS can be employed as a raw material for the recovery of, for example, antioxidants, antivirals and/or antimicrobials. Additionally, it can be used as a substrate to obtain biofuels (bioethanol or biomethane), as an additive in food processing, as an adsorbent and, even, as a corrosion-inhibiting agent. Together with the research on obtaining and characterising different compounds of interest from CBS, some works have focused on the employment of novel sustainable extraction methods and others on the possible use of the whole CBS or some derived products. This review provides insight into the different alternatives of CBS valorisation, including the most recent innovations, trends and challenges for the biotechnological application of this interesting and underused by-product.