Food wastes are today considered as a cheap source of valuable components since the existent technologies allow the recovery of target compounds and their recycling inside the food chain as functional additives in different products. Olive mill wastewater (OMW) is generated from olive oil extraction systems. It has high added-value compounds namely phenolics, recalcitrants, pectin, and some important enzymes. It causes a certain amount of toxicity/phytotoxicity because of its phenolic compounds. OMW also has significant impacts when discharged directly into surface waters. Therefore, the treatment of olive mill wastewater is very much needed. Several types of techniques have been investigated for OMW treatment along with recovery and removal of its phenolic compounds. Among these techniques, physical ones are utilized for extraction purposes, while chemical and biological methods are applied in order to diminish organic load. In this review, current status and recent developments in the recovery and removal of phenolic compounds from OMW have been critically examined.