Fruits are commonly used, fresh or processed, to prepare different industrial products with superior nutritional and health-promoting properties. Currently, the demand for processed fruit products has motivated the rapid growth of the fruit processing industries, persuading them to produce an enormous amount of by-products with less utilization. Furthermore, people's shifting dietary habits and lack of awareness of nutritional properties result in an avoidable load of fruit by-products. The knowledge of the value of by-products urges exploration with proper documentation, emphasizing the health benefits of some such products. Hence, this review is prepared by carefully analyzing the recent literature on industrial applications of fruit by-products and their nutritional and health-promoting properties. The use of fruit by-products in food industries for various purposes has been reported in the past and has been reviewed and described here. Fruit by-products are a good source of nutrients and bioactive components, including polyphenols, dietary fibers, and vitamins, implying that they could have an important role for novel, value-added functional food properties. Furthermore, fruit by-products are used as the substrate for the production of organic acids, essential oils, enzymes, fuel, biodegradable packaging materials, and preservatives.