Bioactive peptides (BPs) are specific protein fragments formed by amino acids joined by covalent bonds known as amide or peptide bonds that exert various beneficial effects on human bodies and ultimately influence health, reckoning on their structural properties and aminoalkanoic acid composition and sequences. These peptides can be obtained from plants, animals, microorganisms, and fermented food and may be consumed as nutraceuticals. Most BPs display one or more specific biofunctional features. BPs are the new generation of biologically active regulators; they can prevent oxidation and microbial decomposition in foods as well as improve the treatment of various diseases and disorders, thus increasing the quality of life. Also, the animal food proteins are currently considered as the crucial source of a variety of bioactive peptides and have gained special attention because they may probably influence many physiological responses along with maintenance of good health condition. This review focused on bioactive peptides as useful food preservatives and on reviewing their potential pharmaceutical role, due to their antioxidant and/or antimicrobial effects.