Mangifera indica fruit (mango) is one of the most commercialized fruits around the world, due to the great variety of existing cultivars from which different food products such as drinks, juices, concentrates, and jams are prepared. The wastes generated during the processing of this fruit (20 million tons), which represent up to 60% of the weight of the fruit and consist mainly of peels (12%) and kernels seeds (20%), cause a series of environmental and economic problems for entrepreneurs in the sector. This is because there are no clear policies for its disposal and reuse. Nevertheless, the development of biotechnological tools has led to these wastes becoming subject of interest for their use in multiple industries such as food and pharmaceuticals, since it has been shown that they can be used as raw material to obtain phenolic compounds with biological activities (antioxidant, antimicrobial, anticancer, etc.). This review compiles the most relevant works from 2016 to 2021 about extraction, quantification, identification, biological activities, and applications of phenolic compounds obtained from the mango tree, with special focus on the fruit, with the objective to promote the use of mango from a sustainable perspective, and with a biorefinery approach.