Bovine colostrum (BC), the first milk produced by cows postpartum, has been traditionally utilized in managing various human conditions, including infections, inflammatory disorders, and cancers. Emerging research highlights bovine lactoferrin and bovine antibodies as the primary bioactive components responsible for BC’s therapeutic effects. Consequently, BC has also been examined for its potential to offer short-term protection against COVID-19. Moreover, it holds promise as a source for peptide-based radiopharmaceutical development. To date, multiple bioactive peptides have been identified in BC, such as casocidin-1, casecidin-15 and -17, isracidin, and caseicins A, B, and C. Similar to other bioactive peptides, these BC-derived peptides may serve as valuable precursors for radiopharmaceuticals intended for diagnostic or therapeutic applications. This review summarizes the pharmacological activities of bovine colostrum and explores the potential of its peptides in the design of radiopharmaceuticals for nuclear medicine.