Food waste (FW) is a global problem and a hidden opportunity for the value-added product conversion. Thus, food waste valorization is a growing science toward the waste-to-wealth conversion. FW can be generated either on a domestic or industrial scale, even if a zero-waste policy is practiced, owing to the unavoidable portion of food waste generated during the processing, cooking, and transportation of food materials. Previous studies have reported that FW is a potential sink for valuable bioactive molecules and bioenergy. In addition, earlier reports noted that the application of contemporary and advanced valorization processes for food waste management was limited to developed countries, and a significant portion of FW remained untouched owing to the lack of research in the rest of the global arena. As a result, this comprehensive review scrutinized several vital and advanced options for the sustainable valorization of global food waste, focusing on its prospects and challenges. In particular, this study deciphers the potential of unexplored valorization approaches and integrated biorefinery strategies for the holistic management of global food waste. Owing to the unavoidable waste generation during food processing, handling, and transportation, the sustainable valorization of FW is a phenomenal option for meeting the sustainable development goals (SDGs) of the United Nations (UN). Finally, this review paves the way for adopting sustainable technologies to convert waste into wealth through integrated valorization and biorefinery approaches toward the efficient recycling of global food waste.