Olive oil extraction has recently experienced a continuous increase due to its related beneficial properties. Consequently, large amounts of olive mill wastes (OMWs) derived from the trituration process are annually produced, causing serious environmental problems. The limited financial capabilities of olive mills make them usually unable to bear the high costs required for the disposal of their wastes. Alternatively, the valorization of OMWs within the framework of the so-called waste-to-resource concept and their recycling can represent a successful strategy for the implementation of circular economy model in the olive industry, which could have significant socioeconomic impacts on low-income Mediterranean countries. There is, however, no unique solution for OMWs valorization, due to the wide variety of the wastes’ composition and their seasonal production. In this review, the potential of OMWs for being reused and the recent technological advances in the field of OMWs valorization are assessed. Special focus is given to the analysis of the advantages and limitations of each technology and to reporting the most significant issues that still limiting its industrial scale-up. The information collected in this review shows that OMW could be effectively exploited in several sectors, including energy production and agriculture. OMWs potential seems, however, undervalued, and the implementation of sustainable valorization strategies in large-scale remains challenging. More efforts and policy actions, through collective actions, encouraging subsidies, and establishing public–private collaborations, are still needed to reconcile research progress with industrial practices and encourage the large-scale implementation of the waste-to-resource concept in the olive sector.