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Abstract Although there is a substantial number of works on food valorization, most previous studies and reviews have remained largely descriptive and fragmented, with few comparative evaluations linking technological extraction to functional beverage development and sustainability outcomes. Therefore, this review comparatively appraises novel extraction technologies for the conversion of food and beverage (F&B) industrial wastes into functional beverage ingredients, with emphasis on efficiency, sustainability, and techno‐economic viability. Key sources of food waste include fruit peels, pomace, seeds, cereal residues, and agro‐industrial by‐products targeted at bioactive compounds such as phenolics, flavonoids, antioxidants, proteins, peptides, and polysaccharides. Various advanced extraction techniques—supercritical and subcritical fluid extraction, microwave‐ and ultrasound‐assisted extraction, pressurized liquid extraction, pulsed electric field extraction, and membrane‐based separation processing—are comparatively investigated in this paper by using reported quantitative indicators such as extraction yield, recovery efficiency, operating conditions, processing time, and energy demand. Literature evidence shows that all the investigated intensified techniques outperform the conventional solvent‐based methods by reaching a bioactive compound yield in the range of 25–70 mg GAE per g dry waste and a recovery efficiency higher than 80%, while shortening the extraction time from hours to minutes and lowering the solvent consumption. Sustainability issues, such as reduced solvent toxicity, lower energy intensity, and compliance with the principles of the circular economy are critically reviewed together with techno‐economic issues affecting scalability. Finally, some key research gaps and future directions are identified that will provide integrated process optimization, standardized sustainability metrics, and application‐driven studies enabling translation into commercial functional beverages.