Olive oil production in Mediterranean countries represents a crucial market, especially for Spain, Italy, and Greece. However, although this sector plays a significant role in the European economy, it also leads to dramatic environmental consequences. Waste generated from olive oil production processes can be divided into solid waste and olive mill wastewaters (OMWW). These latter are characterized by high levels of organic compounds (i.e., polyphenols) that have been efficiently removed because of their hazardous environmental effects. Over the years, in this regard, several strategies have been primarily investigated, but all of them are characterized by advantages and weaknesses, which need to be overcome. Moreover, in recent years, each country has developed national legislation to regulate this type of waste, in line with the EU legislation. In this scenario, the present review provides an insight into the different methods used for treating olive mill wastewaters paying particular attention to the recent advances related to the development of more efficient photocatalytic approaches. In this regard, the most advanced photocatalysts should also be easily recoverable and considered valid alternatives to the currently used conventional systems. In this context, the optimization of innovative systems is today’s object of hard work by the research community due to the profound potential they can offer in real applications. This review provides an overview of OMWW treatment methods, highlighting advantages and disadvantages and discussing the still unresolved critical issues.