The milling of corn for the production of food constituents results in a number of low-value co-products. Two of the major co-products produced by this operation are corn bran and corn fiber, which currently have low commercial value. This review focuses on current and prospective research surrounding the utilization of corn fiber and corn bran in the production of potentially higher-value food components. Corn bran and corn fiber contain potentially useful components that may be harvested through physical, chemical or enzymatic means for the production of food ingredients or additives, including corn fiber oil, corn fiber gum, cellulosic fiber gels, xylo-oligosaccharides and ferulic acid. Components of corn bran and corn fiber may also be converted to food chemicals such as vanillin and xylitol. Commercialization of processes for the isolation or production of food products from corn bran or corn fiber has been met with numerous technical challenges, therefore further research that improves the production of these components from corn bran or corn fiber is needed.