A degree-constrained subgraph construction (DCS) problem aims to find an optimal spanning subgraph (w.r.t an objective function) subject to certain degree constraints on the vertices. DCS generalizes many combinatorial optimization problems such as Matchings and Edge Covers and has many practical and real-world applications. This thesis focuses on DCS problems where there are only upper and lower bounds on the degrees, known as b-matching and b-edge cover problems, respectively. We explore linear and submodular functions as the objective functions of the subgraph construction.<br><br>The contributions of this thesis involve both the design of new approximation algorithms for these DCS problems, and also their applications to real-world contexts.<br>We designed, developed, and implemented several approximation algorithms for DCS problems. Although some of these problems can be solved exactly in polynomial time, often these algorithms are expensive, tedious to implement, and have little to no concurrency. On the contrary, many of the approximation algorithms developed here run in nearly linear time, are simple to implement, and are concurrent. Using the local dominance framework, we developed the first parallel algorithm submodular b-matching. For weighted b-edge cover, we improved the classic Greedy algorithm using the lazy evaluation technique. We also propose and analyze several approximation algorithms using the primal-dual linear programming framework and reductions to matching. We evaluate the practical performance of these algorithms through extensive experimental results.<br><br>The second contribution of the thesis is to utilize the novel algorithms in real-world applications. We employ submodular b-matching to generate a balanced task assignment for processors to build Fock matrices in the NWChemEx quantum chemistry software. Our load-balanced assignment results in a four-fold speedup per iteration of the Fock matrix computation and scales to 14,000 cores of the Summit supercomputer at Oak Ridge National Laboratory. Using approximate b-edge cover, we propose the first shared-memory and distributed-memory parallel algorithms for the adaptive anonymity problem. Minimum weighted b-edge cover and maximum weight b-matching are shown to be applicable to constructing graphs from datasets for machine learning tasks. We provide a mathematical optimization framework connecting the graph construction problem to the DCS problem.