The shrimp Pleoticus muelleri (Bate, 1888) is an important fishing product from the Southwest Atlantic waters which is frequently captured as a bycatch and discarded. Wastes and by-products of shrimp are an excellent source of protein and enzymes. This review highlights the biochemical and catalytic properties of proteases from shrimp. Previous studies on P. muelleri enzymes have found different activities of alkaline proteases ranging from 0.01 to 0.78 Abs/min/mg of protein. These changeful results might be explained by the great influence that several biological and experimental factors, such as molting and developmental stages, type of diet, and culture conditions, have on the enzyme function. Regarding acid protease, it has been demonstrated that they have activities between 0.3 and 0.4 Abs/min/mg of protein. Processing Argentine red shrimp waste could offer many higher value products without increasing wild catch volumes; therefore, it is essential to conduct further studies that allow the development of more value-added products derived from the practical usage of shrimp processing waste.