Condiments　(such　as　sodium　chloride　and　glutamate　sodium)　cause　consumers　to　ingest　too　much　sodium　and　may　lead　to　a　variety　of　diseases,　thus　decreasing　their　quality　of　life.　Recently,　a　salt　reduction　strategy　using　flavor　peptides　has　been　established.　However,　the　development　of　this　strategy　has　not　been　well　adopted　by　the　food　industry.　There　is　an　acute　need　to　screen　for　peptides　with　salty　and　umami　taste,　and　to　understand　their　taste　characteristic　and　taste　mechanism.　This　review　provides　a　thorough　analysis　of　the　literature　on　flavor　peptides　with　sodium-reducing　ability,　involving　their　preparation,　taste　characteristic,　taste　mechanism　and　applications　in　the　food　industry.　Flavor　peptides　come　from　a　wide　range　of　sources　and　can　be　sourced　abundantly　from　natural　foods.　Flavor　peptides　with　salty　and　umami　tastes　are　mainly　composed　of　umami　amino　acids.　Differences　in　amino　acid　sequences,　spatial　structures　and　food　matrices　will　cause　different　tastes　in　flavor　peptides,　mostly　attributed　to　the　interaction　between　peptides　and　taste　receptors.　In　addition　to　being　used　in　condiments,　flavor　peptides　have　also　anti-hypertensive,　anti-inflammatory　and　anti-oxidant　abilities,　offering　the　potential　to　be　used　as　functional　ingredients,　thus　making　their　future　in　the　food　industry　extremely　promising.