Summary Alaska pollock ( Gadus chalcogrammus ) is a marine fish that lives in the North Pacific Ocean. G. chalcogrammus contains high nutritional value, especially protein. Alaska pollock proteins (APP) and its peptides have been reported to have biological activities. However, the biological activities of APP have not been reviewed so far. The aim of this study was to review the published research on APP and its peptides, as well as their potential biological activities, using the Preferred Reporting Items for Systematic Reviews and Meta‐Analyses (PRISMA) guidelines. We used ScienceDirect, PubMed and Web of Science to identify the relevant references. In total, 43 studies were obtained and reviewed after the filtering process. Most of the research has focused on APP's prospective biological activities. The current study revealed that APP possesses biological activities, including skeletal muscle hypertrophy, anti‐obesity, anti‐cholesterol, blood glucose‐lowering and anti‐non‐alcoholic fatty liver effects. Peptides that are hydrolysed from APP possess biological activities, such as ACE inhibition, antioxidant effects, immunomodulation, anti‐diabetic, mineral chelation and wound healing activities. Only a few clinical studies were available on either APP or the respective peptides. Therefore, further study is needed to completely understand the potential of APP and the associated peptides as novel nutraceutical and functional food, as well as to evaluate their effects in humans.