The marine ecosystem represents a vast and dynamic array of bio-resources attributed with its huge diversity and considered as potential untapped reservoirs for the development of functional foods for future health markets. Basically, marine microorganisms, sponges, algae, invertebrates such as crustaceans and mollusks along with marine fish species can be considered as marine bio-resources, which can be utilized to obtain different health benefits for humans, directly or after processing. Most of the bio-molecular components, such as lipids and proteins from these marine bio-resources, which can be extracted in large scale using the modern and advanced biotechnological approaches, are suitable drug candidates for the pharmaceutical industry as well as functional food ingredients for the food industry. Moreover, the furtherance of high throughput molecular biological techniques has already been incorporated with identification, mining and extraction of molecular components from marine bio-resources. In this review, potential marine bio-resources with respect to their extractable bio-molecules were described in details, while explaining the present and prospective methods of identification and extraction, which are integrated with advanced techniques in modern biotechnology. In addition, this provides an overview of future trends in marine biotechnology.