Yak blood is one of the main by-products during the slaughter and processing of yaks. Compared with other animal bloods, yak blood has a significant advantage in terms of nutrient contents such as proteins, vitamins and minerals. Accounting for 15.5% of the whole blood, yak blood protein has a very broad prospect for exploitation and utilization. This paper focuses on the functional properties of bioactive proteins in yak blood and the techniques for their extraction. It also introduces recent progress in the development and utilization of yak blood products. Finally, an outlook on the future development trend of yak blood resources is given with a view to providing references for further development and utilization of yak blood resources.