Olive wastewater (OMW) is an important environmental problem due to the high phenol level and contains organic substances such as sugars, organic acids, polyalcohols, pectins, colloids, tannins, and lipids. Removing OMW is difficult because of the high concentrations of chemical oxygen demand (COD), biochemical oxygen demand, and phenolic compounds. In this study, we concentrated on the degradation of OMW to solve this problem. The degradation of OMW at high pressure and temperature (with H 2 O 2 and without H 2 O 2), at room temperature and atmospheric pressure with H 2 O 2 , at room temperature and atmospheric pressure with O 3 , and with ultrasound-assisted ozonation, was investigated by means of COD, phenolic compounds, and sulfur analyses. The results showed that the method of high pressure and temperature with H 2 O 2 was the most successful. H 2 O 2 at high pressure (O 2) and temperature removed 89.2% of COD, 91.5% of phenolic compounds, and color of OMW. With this result, we showed that the use of O 2 atmosphere instead of N 2 is important for degradation and also especially for color removing. In addition, the antioxidant property of OMW was also examined. Fourier-transform infrared spectroscopy of the extracts revealed vibration bands corresponding to acid, alcohol, and ketone groups. The results showed that high pressure and temperature treatment is very effective for removing phenolic compounds from olive oil wastewater. In addition, 2,2-diphenyl-1-picrylhydrazyl (DPPH) scavenging potential of OMW in the Çukurova area of Turkey was studied and the IC 50 value of OMW was determined to be 118 µg/mL.