With growing the population, fish wastes are increasing day by day. Fish processing industries also contain a huge amount of fish wastes. However, the discarded portion of fish contains vitamins, minerals, collagen as protein, and bioactive compounds. Fish wastes are mainly used as a byproduct. Fish collagen as a byproduct pays great attention because of its extraordinary properties such as no risk of outbreak any harmful diseases and lack of religious or ethical constraints in comparison with bovine and porcine collagen. This manuscript has detailed the extraction procedures and recent biomedical applications of fish collagen in wound healing, tissue engineering, drug delivery, and cell culture. The new development of fish collagen used in biomedical applications such as collagen-based tablets or pellets, collagen films, and collagen shields are also described. Due to the huge applications, the importance and demand of fish collagen have been increasing commercially in the fish processing industry and various biomedical sectors respectively.