Abstract: Collagen is the main protein in bovine bone, a major by-product of the beef cattle industry. As a viable method of value-added use of bovine bone, collagen can be extracted, further hydrolyzed enzymatically and fractionated to prepare collagen peptides. This review focuses on the methods of collagen extraction (acid or alkali method, enzymatic method, hydrothermal extraction and hot-press extraction), collagen peptides preparation process which included enzymatic hydrolysis, isolation and purification, and their biological activities such as anti-hypertension, bone health protection, anti-bacterial, anti-oxidation and immune regulation. This review highlights perspectives on preparing collagen peptides from bovine bone.