The main environmental impact of olive oil production is the disposal of residues such as pomace and water vegetation. During the olive oil extraction process, the olive stone is milled and discharged within the olive pomace. However, olive stone flour can be valorized as filler for polymeric composites. A life cycle assessment of the olive pomace valorization was carried out by focusing on the manufacturing process of a biocomposite made of two different thermoplastic matrices, i.e., polyethylene and polypropylene. The functional unit is the production of 1 m2 of a lath made of an olive pomace-based biocomposite. The analysis was carried out with the SimaPro PhD 9.1.1.1 software, and the database used for the modeling was Ecoinvent 3.6. The obtained results reveal that the hotspot of the whole process is the twin-screw compounding of the olive stone fraction, with the polymeric matrix and coupling agent, and that human health is the most affected damage category. It represents 89% for both scenarios studied: olive stone fraction/polypropylene (OSF/PP) and olive stone fraction/polyethylene (OSF/PE). Further research directions include the use of biosourced polymer matrices, which could reduce the impact of olive pomace-based composite manufacturing.