In this study, five different fuel blends were prepared by mixing biodiesel obtained from olive oil wastes using transesterification method, waste transformer oil, and Euro diesel in different ratios. The important physicochemical properties of the prepared fuel blends and produced biodiesel were determined by gas chromatography, Fourier transform infrared spectroscopy, and thermogravimetric analysis/differential scanning calorimetry analyses, and their characterizations were carried out. Then, the effects of the prepared fuel blends on engine performance and emission characteristics were investigated in a compression ignition engine. The experiments were performed with five different fuel blends (TD30, TD30B10, TD30B20, TD30B30, and D100) at 1000, 1500, 2000, and 2500 rpm. At all speeds, each fuel blend produced an average torque value that was highest for D100 fuel and lowest for TD30 fuel The average BP value produced by each fuel at all engine speeds was highest in D100 fuel and lowest in TD30 fuel. The results of the experiments showed that there was a 23.98% decrease in the average NOx emissions of TD30 fuel blend compared to the average NOx emissions of D100 fuel at all engine speeds. It was observed that all important fuel properties such as density, kinematic viscosity, and pour and cloud points of all fuel blends met the fuel standards.