Modern diets are increasingly dominated by ultra-processed foods, a shift driven by urbanization and lifestyle changes. Among these, ultra-processed meat products (UPMPs) are particularly popular due to their appealing flavor and texture. However, emerging evidence highlights potential health risks associated with UPMPs. Although meat products are rich in high-quality proteins, the processing methods used in UPMPs can affect protein digestibility. Moderate processing techniques, such as sous-vide cooking, fermentation, and enzymatic tenderization, can enhance digestion and nutrient absorption, whereas excessive processing may lead to protein aggregation and cross-linking, reducing protein digestibility. Additionally, the overuse of additives and excessive thermal processing are key concerns in UPMP production, leading to the formation of potentially harmful substances, including acrylamide, heterocyclic amines, polycyclic aromatic hydrocarbons, and advanced glycation end products. This review examines how different processing techniques influence protein digestibility in UPMPs, elucidates the pathways through which harmful substances are generated, and assesses the impact of UPMPs on gut health, with a focus on gut microbiota and the colon. Our synthesis of current research indicates that excessive consumption of UPMPs contributes to gut microbiota dysbiosis, compromises the gut barrier, and increases the risk of colorectal cancer, though the dose-dependent effects require further clarification. Future research should focus on key parameters of moderate processing, explore natural alternatives to harmful additives, examine the dose-response relationship between UPMP consumption and health risks, and evaluate how individual factors, such as genetics and metabolism, influence the health impacts of UPMPs.