During the production of olive oil two types of waste are generated: wastewater and olive pomace. Since these wastes have high biochemical and chemical oxygen needs, they have harmful effects on the environment. However, in addition to these damages, many bioactive compounds in olive are transferred to wastewater and pomace during oil processing. Hydroxytyrosol, tyrosol and oleuropein are bioactive components that are dominantly found in both olive oil wastewater and pomace, and these compounds have many bioactivities that positively affect human health. As a result of scientific studies, it has been proven that hydroxytyrosol, tyrosol and oleuropein compounds exhibit various bioactivities such as antioxidant activity, anti-inflammatory effect, cardioprotective effect, neuroprotective effect, chemoprevention properties, antidiabetic effect, antimicrobial and antiviral effect. These wastes are recycled in various sectors such as food, cosmetics and pharmaceuticals due to the bioactive components they contain. It has been reported by scientific studies that wastewater and pomace contain phenolic compounds, pectic polysaccharides and fibers. These can be used as natural preservatives, antioxidants, food enrichers, packaging materials in the food industry. In this review, the production methods, chemical and biological properties of olive oil wastewater and pomace and studies investigating the use potential of these wastes in the food sector are compiled.