Simple SummaryOlive oil is one of the main components in the Mediterranean diet that is known worldwide for its beneficial effects on human health due to its high content of monounsaturated fatty acids (MUFAs). During its extraction, a great quantity of olive by-products (OB) is generated that poses a risk to the environment due to its high organic load. Utilization of OB as a part of the ruminants’ diet could minimize the costs related to animal feeding and OB management and contribute to the preservation of natural resources. At the same time, their application in ruminants’ nutrition enables the sustainable use of high-added value bioactive ingredients inside food chains that improve milk and meat quality characteristics and fortify consumer health, without negative effects on rumen function, metabolism and productivity.The olive oil industry has a leading position in the Mediterranean countries, resulting in the production of considerable quantities of the respective by-products (OB) that constitute an important environmental issue. OB contain valuable nutrients and bioactive components that can be re-used under the bioeconomy strategy, and several chemical, physical, and biological processes have been evaluated with the intention to improve their nutritional value. One feasible application of OB is their incorporation in the diets of livestock and especially ruminants due to their high fiber content. As indicated by numerous studies, OB dietary supplementation increases the levels of monounsaturated fatty acids (MUFAs) and decreases that of saturated fatty acids (SFAs) in the milk and meat of ruminants with beneficial effects for consumers’ health. At the same time, environmental impact and feeding costs are reduced without detrimental effects on ruminal fermentation, nutrients utilization, growth performance, carcass traits, milk yield and composition.