Byproducts and wastes from the food processing industry represent an important group of wastes generated annually in large quantities. It is important to note that the amount of this waste will increase with industrialization, and effective solutions must be found urgently. Many wastes that cause environmental pollution are evaluated by their low-tech conversion into products with little economic value, such as animal feed and fertilizer. Therefore, the evaluation of food processing waste using effective recycling techniques has become an interesting subject with increasing population, ongoing biotechnological studies, and advances in technology. The conversion of food waste into biotechnological products via fermentation is a sustainable, environmentally friendly, and economical method in line with the principles of green chemistry. This approach promotes the reuse of food waste by supporting the principles of a circular economy and offers sustainable alternatives to fossil fuels and synthetic chemicals. This contributes to reducing the carbon footprint, preserving soil and water quality, and providing economic sustainability through the production of high-value products. In this study, the properties of olive mill wastewater, an important and valuable waste in the olive oil industry, its environmental aspects, and its use in biotechnological applications that integrate green chemistry are evaluated.