Food and kitchen waste - omnipresent in every corner of the world serve as an excellent source of value added products owing to high organic content. Regardless of existence of various traditional methods of land filling or biogas production used to harness food waste energy, effective conversion of food to valuable resources is often challenged by its heterogenous nature and high moisture content. The current paper tries to lay down the prospects and consequences associated with food waste management. The various social, economical and environmental concerns associated with food waste management especially in terms of green house gas emission and extended rate of leachate generation also has been discussed. The difficulties in proper collection, storage and bioconversion of food waste to valuable by-products are pointed as a big hurdle in proper waste management. Finally, the wide array of value added products developed from food waste after pretreatment are also enlisted to emphasis the prospects of food waste management.