Upcycling food industry by-products has become a topic of interest within the framework of the circular economy, to minimize environmental impact and the waste of resources. This research aimed at verifying the effectiveness of using almond skins, a by-product of the confectionery industry, in the preparation of functional biscuits with improved nutritional properties. Almond skins were added at 10 g/100 g (AS10) and 20 g/100 g (AS20) to a wheat flour basis. The protein content was not influenced, whereas lipids and dietary fiber significantly increased (p < 0.05), the latter meeting the requirements for applying “source of fiber” and “high in fiber” claims to AS10 and AS20 biscuits, respectively. The addition of almond skins altered biscuit color, lowering L* and b* and increasing a*, but improved friability. The biscuits showed sensory differences in color, odor and textural descriptors. The total sum of single phenolic compounds, determined by HPLC, was higher (p < 0.05) in AS10 (97.84 µg/g) and AS20 (132.18 µg/g) than in control (73.97 µg/g). The antioxidant activity showed the same trend as the phenolic. The p-hydroxy benzoic and protocatechuic acids showed the largest increase. The suggested strategy is a practical example of upcycling when preparing a health-oriented food product.