Olive oil mill wastewater (OMW) is a polluting stream derived from the production of olive oil and is a source of environmental pollution; this is relevant in many countries around the world, but particularly in all the Mediterranean region where major producers are located. In this effluent, several pollutants are present—namely, sugars, fatty acids, and polyphenols, among others. Nowadays, to reduce the pollutant load, several treatment techniques are applied, but these technologies have numerous cost and efficiency problems. For this reason, the steam reforming of the OMW (OMWSR) presents as a good alternative, because this process decreases the pollutant load of the OMW and simultaneously valorizes the waste with the production of green H2, which is consistent with the perspective of the circular economy. Currently, the OMWSR is an innovative treatment alternative in the scientific field and with high potential. In the last few years, some groups have studied the OMWSR and used innovative reactor configurations, aiming to improve the process’ effectiveness. In this review, the OMW treatment/valorization processes, the last developments on catalysis for OMWSR (or steam reforming of similar species present in the effluent), as well as the last advances on OMWSR performed in multi-functional reactors are addressed.