Slaughterhouse blood is an inevitable part of the meat production food chain and represents a rich source of protein. The physicochemical characteristics and utilization of animal blood in various food and industrial applications has been well explored. However, in recent years much attention has been paid to the generation of peptides with biological activities from food by-products including blood. This review examines the angiotensin-converting enzyme inhibitory, antioxidant, antimicrobial, and other bioactive peptides derived from various slaughterhouse animal blood sources. Furthermore, the effect of enzyme choice, degree of hydrolysis, and peptide sequence or size on the potency of these bioactivity is discussed.