The anchovy canning industry has high importance in the Cantabria Region (North Spain) from economic, social and touristic points of view. The Cantabrian canned anchovy is world-renowned owing to its handmade and traditional manufacture. The canning process generates huge amounts of several food wastes, whose suitable management can contribute to benefits for both the environment and the economy, closing the loop of the product life cycle. Life cycle assessment methodology was used in this work to assess the environmental performance of two waste management alternatives: Head and spine valorisation to produce fishmeal and fish oil; and anchovy meat valorisation to produce anchovy paste. Fuel oil production has been a hotspot of the valorisation of heads and spines, so several improvements should be applied. With respect to anchovy meat valorisation, the production of polypropylene and glass for packaging was the least environmentally friendly aspect of the process. Furthermore, the environmental characterisation of anchovy waste valorisation was compared with incineration and landfilling alternatives. In both cases, the valorisation management options were the best owing to the avoided burdens associated with the processes. Therefore, it is possible to contribute to the circular economy in the Cantabrian canned anchovy industry.