Olive mill waste (OMW) is the by-product of processing olive fruits to produce virgin olive oil. The huge amounts of biodegradation resistant OMW pose an economic and environmental burden, which is further complicated by its seasonal nature and restricted discharge options. It is ironic that the noxious properties of OMW result essentially from its high biophenol content. The myriad of reported bioactivities of biophenols, especially their antioxidant abilities, has redirected the research into the recovery of the precious biophenols. OMW is a very viable resource for production of biologically active molecules that can be used in the food or pharmacy sectors. Commercialisation scenarios will depend on the intended use, whether individual compounds or a multi-component mixture (phytoextract) is to be recovered.