Stone fruits, such as the apricot (Prunus armeniaca L.), are frequently consumed. As such, a substantial volume of apricot waste is generated at each stage of the food supply chain, including harvesting, processing, packaging, warehousing, transportation, retailing, and eventual consumption. This generates tons of waste annually on a global scale. The significant amounts of phenolics present in these wastes are primarily responsible for their antioxidant capacity and the subsequent health advantages they provide. As such, apricot pulp by-products could be a valuable reservoir of bioactive compounds, such as tocopherols, polyphenolic compounds, proteins, dietary fibers, etc. Moreover, apricot kernels are also recognized for their abundance of bioactive compounds, including polyphenols and tocopherols, which find utility in diverse sectors including cosmetology and the food industry. Both conventional and green methods are employed, and generally, green methods lead to higher extraction efficiency. The antimicrobial properties of apricot kernel essential oil have been widely recognized, leading to its extensive historical usage in the treatment of diverse ailments. In addition, apricot kernel oil possesses the capacity to serve as a viable resource for renewable fuels and chemicals. This review examines the potential of apricot waste as a source of bioactive compounds, as well as its utilization in diverse applications, with an emphasis on its contribution to health improvement.