AbstractBanana and plantain (Musa spp.) are among the most popular crops especially in tropical and sub‐tropical zones. Musa spp. is a unique, perennial, single‐harvest plant that after fruit harvesting is decapitated and generates large amounts of waste and by‐products: leaves and pseudostem. Fruit processing also generates waste peels and discarded pieces. Recent research has demonstrated that this type of organic substrate represents a potentially valuable resource that can be developed into high‐value products. These developments are critically reviewed in this article, which includes a summary of the composition and biocompounds contained in pseudostem and peel, the use of Musa spp. waste in animal and human feed and the obtention of fiber to make paper, rope, handcrafts and combustion materials. On the other hand, the potential for polysaccharides to be fermented and transformed into ethanol, methane or hydrogen, the obtention of single‐cell protein (microbial protein) and the use of solid residues for composting or as a substrate for mushrooms cultivation have also been evaluated. The applications described represent great opportunities for economic benefits from this agro‐industrial waste. A scheme for the integrated utilization of Musa spp. waste in a biorefinery approach is presented as well.