The food industry generates a large amount of waste every year, which opens up a research field aimed at minimizing and efficiently managing this issue to support the concept of zero waste. From the extraction process of oilseeds results oil cakes. These residues are a source of bioactive compounds (protein, dietary fiber, antioxidants) with beneficial properties for health, that can be used in foods, cosmetics, textile, and pharmaceutical industries. They can also serve as substrates for the production of enzymes, antibiotics, biosurfactants, and mushrooms. Other applications are in animal feedstuff and for composites, bio-fuel, and films production. This review discusses the importance of oilseed and possible valorization methods for the residues obtained in the oil industry.