Lipid composition and antioxidant activity have been carried out in order to valorize the composition of olive mill wastewater extracts with different solvents (supercritical carbon dioxide, n-hexane, dichloromethane and ethanol). The antioxidant activity was evaluated using ABTS (2,2’-azino-bis-(3-ethylbenzothiazoline-6-sulfonic acid)) and DPPH (2,2-diphenyl-1-picrylhydrazyl) tests. The total phenolics and flavonoid contents were, also, determined. The chemical composition of the extracted oil was established, respectively, by gas chromatography–flame ionization detector and high-performance liquid chromatography methods. The results showed that the oleic acid and equivalent carbon number of forty-eight were the major compounds of the analyzed oils. Residual olive mill wastewater from the Sousse region displayed the highest DPPH radical-scavenging activity (31.10 ± 0.10 μg/mL). The chemical analysis of extracts of OMWs showed that the n-hexane fraction contained an abundance of oleic acid (61.62%) and an equivalent carbon number of forty-eight (53.14%). The best antioxidant activity was determined for the ethanol fraction (14.5 μg/mL). The final results showed a significant difference and variations in polar and apolar components. Moreover, n-hexane extracts showed high percentages of Monounsaturated fatty acids (MUFA) with 64% of OMWs oil composition and the dichloromethane extracts contained the largest amount of flavonoids (160.30 ± 1.70 mg EQ/g DM).