This chapter focuses on different technologies aimed at utilizing olive residue through promoting their overall sustainable management and conversion into an affordable source of bioactive compounds with particular emphasis on phenolic compounds. It summarizes the scientific reports on the chemical analysis of olive oil by-products addressed to bioactive compounds with particular emphasis on hydrocarbons, triterpenes and phenolic compounds. Olive oil production is an agro-industrial activity of vital economic importance for Mediterranean countries. However, the production of olive oil generates large volumes of olive by-products. New trends in the development of functional food and nutraceutical using bioactive compounds from waste generated by olive oil industry have also been reviewed. Increasing research is being conducted on the application of phenolic compounds as natural additives to improve the food stability. In addition, new processes based on encapsulation technologies have been developed.