Tiger nut is highly appreciated in the Mediterranean basin by the large number of nutritional advantages offered by a beverage, called “horchata,” which is directly obtained from the tuber of Cyperus esculentus L. However, the current tiger nut harvesting and processing practices generate a large number of residues, mainly a solid by-product after processing and the plant that remains spread out in the fields. In this work the plant residues have been fully characterized to get a clear picture of the possibilities for its valorization to generate products with high added value. Several analytical techniques have been applied to obtain data to assess the real possibilities of these residues in advanced applications in the food, packaging and nutrition sectors. Results on the compositional and elemental analysis, monosaccharide composition, phenolic concentration, and antioxidant capacity were obtained from the dry powder (DP). The high content of α-cellulose (47.2 ± 1.8%) in DP could open new possibilities for these residues as raw material in the production of cellulose nanoentities. Many essential minerals with nutritional interest (Na, Mg, Ca, Mn, Fe, Cu, and Zn) and free sugars (xylose, arabinose, glucose, and galacturonic acid) were identified in the DP making it an interesting source of valuable nutrients. The total carbohydrate content was 171 ± 31 mg gdm–1. In addition, microwave-assisted extraction (MAE) was used to obtain extracts rich in polyphenolic compounds. A Box–Behnken design (BBD) was used, and the optimal extraction conditions predicted by the model were 80°C, 18 min, ethanol concentration 40% (v/v), and solvent volume 77 mL, showing an extraction yield of 2.27 ± 0.09%, TPC value was 136 ± 3 mgGAE 100 gdm–1 and antioxidant capacity by the ABTS method was 8.41 ± 0.09 μmoltrolox gdm–1. Other assays (FRAP and DPPH) were also tested, confirming the high antioxidant capacity of DP extracts. Some polyphenols were identified and quantified: p-coumaric (7.67 ± 0.16 mg 100 gdm–1), ferulic (4.07 ± 0.01 mg 100 gdm–1), sinapinic (0.50 ± 0.01 mg 100 gdm–1) and cinnamic acids (1.10 ± 0.03 mg 100 gdm–1), 4-hydroxybenzaldehyde (1.28 ± 0.06 mg 100 gdm–1), luteolin (1.03 ± 0.01 mg 100 gdm–1), and naringenin (0.60 ± 0.01 mg 100 gdm–1). It can be concluded that C. esculentus L. residues obtained from the tiger nut harvesting and horchata processing could be an important source of high value compounds with potential uses in different industrial sectors, while limiting the environmental hazards associated with the current agricultural practices.