Handling industrial agricultural wastes is a requirement for industrial waste management in the context of circular bioeconomy innovations. The recovery and re-use of agricultural wastes and their by-products have become an important topic of research and development to investigate their functional and nutraceutical properties. The bioeconomy provides an opportunity to create innovative bio-based products and processes, thereby opening up new markets. Agricultural waste contains a high concentration of protein, fat, carbohydrates, fiber, and other functional compounds such as antioxidants, which can be used to add value to a variety of food products. Due to its higher nutritional profile, cereal bran, as an agricultural waste and by-product, has a variety of functional and nutraceutical properties. Despite the fact that it is rich in bioactive compounds with health benefits, cereal bran is still underutilized in the food system. It can be used either directly for the processing of various foods or the extraction of various bioactive components present therein. Furthermore, the extracts from cereal bran have been used to obtain antioxidants, antibiotics, vitamins, and enzymes as functional components to be employed in agri-food and animal feed, pharmaceutical, and cosmetics industries. Therefore, this review aims to promote cereal bran waste and by-products, highlighting how to use them as functional ingredients with health-promoting properties and desirable technological aspects. Currently, there are few data on the nutritional exploration of these by-products as health-promoting agri-food products. Cereal bran is a nutritious natural agricultural by-product, but its potential application in the food industry is still limited due to a lack of literature focused on its quality attributes, which may become useful for informal explanation and evaluation during food product formulation. With the growing demand for fiber-rich foods, cereal bran valorization can generate revenue for milling industries.