Food colorants processed via agro-industrial wastes are in demand as food waste management becomes vital not only for its health benefits but also for cost reduction through waste valorization. Huge efforts have been made to recover valuable components from food wastes and applied in various fields to prove their versatility rather than for feed ruminant usage only. Betalains and phenolics, antioxidant-rich compounds responsible for host color and so commonly used as natural colorants in food and cosmetic industries, are copiously present in several kinds of fruits and vegetables as well as their wastes. Technological innovation has brought extensive convenient ways of bioactive compounds extraction with many advantages like less use of solvents and energy in a short period of processing time in comparison with the classical solid–liquid extraction methods. Emerging technologies, particularly microwave irradiation, have been amenable to electromagnetic technology for decades. Practically, they have been deployed for functional and supplement food production. In this review, the feasibility of dielectric heating (microwave irradiation) in the extraction of betalain and phenolic compounds mostly from fruit and vegetable wastes was discussed.