On average, only 30-40% of the global fishery production is consumed fresh and the rest 60-70% is processed for human consumption and other purposes. Although the proportion of the total fishery production that are processed remained relatively stable over the last decade, the total bulk of processed fishery commodity increased due to the steady increase in the total fishery production. Processing of large bulk of fish, shrimp and other aquatic organisms produces a corresponding large bulk of by-products and wastes. Although recent trend shows that much of these wastes are made into various value added products, considerable quantities are discharged as the processing effluents with large volume of waters used in processing. Reports suggest that fish and shrimp processing effluents are very high in biological oxygen demand (BOD), chemical oxygen demand (COD), total suspended solids (TSS), fat-oil-grease (FOG), pathogenic and other microflora, organic matters and nutrients, etc. Fish and shrimp processing effluents are, therefore, highly likely to produce adverse effects on the receiving coastal and marine environments. Although substantial reduction of the waste loads is possible by applying available simple techniques, this is not in practice in most part of the world due to lack of proper managerial and regulatory approach. The present paper reviews the characteristics of fish and shrimp processing effluents as a potential source of coastal and marine pollution and, using the existing data, analyzes the global production and discharge of waste loads from the processing plants and discusses available options for waste treatment and management.