Olive mill waste (OMW) is a by-product of the olive oil production process that has attracted increasing attention due to its rich composition of bioactive compounds. This chapter explores the extensive and diverse antioxidant and bioactive potential of OMW. OMW is a complex mixture comprising organic compounds, including phenolic compounds, flavonoids, polysaccharides, and various other valuable molecules. These compounds have demonstrated a wide range of applications, including their use as fertilizers, antioxidants, antifungal and antibacterial agents, cytoprotective agents, and stabilizing agents in food preservation. The chapter delves into the types of phenolic compounds found in OMW, providing detailed insights into their structures and functions. Additionally, it discusses the factors affecting the composition of OMW, such as the extraction process and processing conditions. Additionally, the chapter explores the growing interest in the health benefits associated with the consumption of bioactive compounds derived from OMW. These compounds have been linked to potential therapeutic properties, including antioxidant, anti-inflammatory, and anticancer effects. The exploration of OMW’s bioactive potential opens avenues for research and innovation, offering sustainable solutions for both waste management and the development of health-promoting products.