Nutraceuticals have been in use for the last 30 years. These are natural bioactive chemical compounds that are known to promote health, prevent disease and may exhibit semi-medicinal properties. Nature provides an abundant and wide diversity of pharmacologically active biomolecules. Most of the bioactive components exhibit significant biological activities and are found to act as nutraceuticals for humans and animals. Marine fungi are widely distributed microorganisms in the ocean; and these are in association with sediment, seawater, submerged algae, marine habitants, mangroves, etc. The proteins and peptides show minimal human toxicity and less adverse effects comparable to synthetic drugs. Marine fungi are a good source of photo-protective compounds, caroteinoids and scytonemin. The marine-derived components also have cosmeceutical applications. The genomic information, together with advances in science and structural elucidation, has given an insight into the untapped resources from marine fungi.