Abstract: With the increasing consumption of livestock and poultry meat products, the blood by-products generated during processing has also increased. However, the current comprehensive utilization rate of animal blood was remained below 30%, which not only resulted in severe waste of high-quality protein resources but may also create environmental pressures. Plasma protein, as the main component of blood, possesses exceptional nutritional value and development potential. Based on recent domestic and international research on livestock and poultry plasma proteins, this paper introduces their nutritional value, and focus on the separation and purification techniques as well as the bioactivity of their functional components. It also explores the applications of these bioactive properties, aiming to provide references for research and utilization of functional components in livestock and poultry plasma proteins and promote their efficient utilization.