salvage (countable and uncountable, plural salvages) The rescue of a ship, its crew and passengers or its cargo from a hazardous situation. The ship, crew or cargo so rescued. The compensation paid to the rescuers. The money from the sale of rescued goods. The similar rescue of property liable to loss; the property so rescued. quotations Explore the term 'salvage,' including its definition, origins, and significant contexts. Understand the multifaceted applications of salvage in both common and specialized language. To salvage something is to save it...before it's too late. You might try to salvage your damaged reputation by defending yourself, or salvage a burnt piece of toast by scraping off the black residue. Salvage definition: the act of saving a ship or its cargo from perils of the seas.. See examples of SALVAGE used in a sentence.