Abstract: There is disclosed a method for the preparation of an animal feed supplement from fish cannery waste process water in which the water is maintained under aerobic conditions and is processed through a flotation cell to separate the oils and proteins contained in the water as a concentrated sludge. The sludge is dewatered, blended with a bulk, solid carrier preserved against oxidative spoilage of the lipids with an effective anti-oxidant, and dried in vacuum under low temperature conditions to obtain an animal feed supplement in dry particulate form. The processing of the waste water is done under aerobic conditions to promote the growth of yeast and non-toxic, aerobic, bacterial improve color and odor and texture, and enhance the feed value of the sludge recovered from the processing.