Abstract: Bovine colostrum had garnered considerable attention due to its unique nutritional profile and health-promoting effects. With the continuous improvement of bio-enzymatic hydrolysis technology, bovine colostrum peptides had become a key research object in the fields of functional foods and dietary supplements owing to their multiple biological activities. This article provided a systematic review of the preparation methods of bovine colostrum peptides, including enzymatic hydrolysis, fermentation, ultrasound and high hydrostatic pressure-assisted enzymatic hydrolysis, as well as separation, purification methods and structural identification techniques. It summarized the advantages and limitations of these preparation, separation, purification, and structural characterization methods, and proposed potential future research directions. The amino acid composition and structural features underlying the bioactivities of typical bovine colostrum peptides were outlined. Furthermore, this review emphasized the latest research advances in the biological activities of bovine colostrum peptides, including antimicrobial, antitumor, antioxidant, hypoglycemic, and antihypertensive effects and systematically reviewed and discussed their mechanisms of action. However, further investigations about the bovine colostrum peptides were required for the optimization of production process, biological activities in depth mechanism and product manufacturing. With innovations in production technologies and the advancement of basic research, bovine colostrum peptides demonstrate broad application prospects in the functional food industry.