In the aim of promoting the responsible and sustainable management of the European fishing activity, the European Commission took a number of actions oriented to the implementation of “no-discard” and “zero-waste” policies to be followed by the European fishing fleets in the near future. In particular, actions were directed to the development of policies to reduce unwanted by-catches and eliminate discards in European fisheries, as well as to make the best possible use of the captured resources avoiding its waste. In this sustainability framework, the FAROS Projects (co-funded under the LIFE+ Environmental Program of the European Union) aims at developing and implementing an efficient and integral discards and by-catch management network based on a global and real-time information system both on board and in land. This network implies all actors present in the fishing sector (fleets, ports, auctions, industries, etc.) and takes advantage of the existing synergies between them in order to attain the minimization of discards/by-catch as well as their optimal valorization to recover and to produce valuable chemicals of interest in the food and pharmaceutical industry.