Food ingredients and materials derived from novel food sources have been increasingly developed using innovative technologies and production processes. Therefore, understanding the diverse regulations and approval procedures in different countries is crucial before importing foreign ingredients; this is especially crucial for importing materials without a prior consumption history and exporting domestically produced food ingredients, for example, in Korea. This review discusses the procedures, from the temporary recognition of food ingredients to their registration in the Korean Food Code, as well as the regulatory frameworks and current status of novel food approval in the European Union (EU), Generally Recognized as Safe (GRAS) recognition by the United States (US) Food and Drug Administration (FDA), and novel food approval by the Food Standards Australia New Zealand (FSANZ).