The date is a well-established and important crop that holds economic significance. However, a substantial amount of waste in the form of low-grade dates and date pits is generated and accounts for 10 to 15% of the total production. Given the substantial amount of nutrients in these by-products and the large volume of waste generated, there is a promising opportunity to utilize them to create valuable commodities like fiber and phenolic compounds, which hold a high market value. This review presents a summary of the chemical and nutritional composition of dates and their by-products and aims to investigate the possibility of utilizing date processing by-products and waste as an eco-friendly resource for various chemical and biological processes like composting and extraction of value-added compounds, as well as providing insight into the date processing industry and typical methods employed for the beneficial use of date waste. In addition, this review also addresses the current challenges and future perspectives in date waste valorization expectations.