Food-derived peptides are new kinds of proteolytic products derived from food proteins by enzyme hydrolysis, separation, and purification. This article reviewed the present researches on nutrition and health function, production method, evaluation and recognization of the food-derived peptides, and current situation of quality standard. Also, the traditional food contained bioactive peptides and the terminal food that has been commercialized were overviewed and summarized. Finally, the application prospect of food-derived peptides was described.