Livestock and poultry blood is rich in active substances, including hemoglobin, hemoglobin peptides, superoxide dismutase (SOD), and immunoglobulin. Using advanced separation technology and biological engineering methods these the active substances in the blood can be converted into a variety of high value-added products. The application and research progress of livestock and poultry blood as a potential biological resource for use in high value-added products is reviewed in this article. The separation, purification, and modification of active substances such as hemoglobin, hemoglobin peptide, SOD and immunoglobulin are comprehensively discussed. The research status of its application in the fields of food additives, functional food, animal feed and medicine is summarized, and the current challenges and future research directions are analyzed. This paper is expected to provide a scientific basis for the efficient utilization and industrialization of livestock and poultry blood resources and promotes the wide application of this product in the food and medicine industries.