Ultrasonic and microwave extraction process has great prospects to convert food and agricultural waste from food industries to value-added goods. Also, this review extensively elaborates the utilization of ultrasonication and microwave extraction (US-MW) process for valorization of dairy waste extracted proteins into novel foods. Both of these extraction and processing techniques are considered as green technologies when compared with the other conventional or chemical extraction and processing techniques. Further, this review also explains the impact of US-MW alone and in combination on the dairy waste proteins extraction, nutritional and techno-functional attributes of these dairy-waste proteins. The review also highlights the economic and cost-effective benefits of US-MW processes for extracting the proteins from dairy waste, indicating their feasibility and sustainability. The review also elucidated the synergistic utilization of US-MW extraction as a viable processing technique in extraction or production of bioactive compounds like dairy proteins. In conclusion, this review elucidates the US-MW, both individually and in synergy as a viable source of dairy waste proteins extraction and their application in functional foods. Moreover, in accordance to the latest developments and future prospects at pilot and commercial level to assess the practicability of synergistic use of US-MW extraction in bioenergy production from food wastes other than dairy waste for extraction and production of biodiesel, hydrogen, green methane, and ethanol.