The olive oil sector generates a high quantity of biomasses every year, especially in the Mediterranean region. Olive pomace is the main one, but depending on the extraction and subsequent processing, other derived biomass by‐products are generated like pâté, exhausted olive pomace, olive stone, and residual pulp. Their sustainable valorization is crucial. Therefore, this review first conceptualizes the current situation of the olive oil sector and describes these biomasses from a qualitative and quantitative point of view. Second, information on the bioactive compounds they present, the technologies used for their extraction, and examples of applications for their extracts is provided. Third, since the extraction of bioactive compounds will generate new residual biomasses, this review takes a step forward by integrating the extraction step in biorefinery cascading schemes. It also analyzes the benefits of this integration, the contribution to a circular (bio)economy, and the achievement of sustainable development goals.