Olive oil mill wastewater (OMW) is an environmental concern in olive oil producers' regions due to its use in agricultural soils as an organic amendment. However, OMW can also be used as organic fertilizer due to their high organic matter and nutrient levels, but its use, when it occurs without environmental management, can cause serious environmental implications for soils and waters. This work evaluated the impact of different OMW levels on a set of physicochemical parameters from an agricultural vertisol where wheat grew (Triticum aestivum L var. Douma 1). A set of physicochemical parameters were conducted before adding different levels of OMW (0, 5, 10 and 15 L m−2) at two soil depths (0–30 and 30–60 cm) and for the two growing seasons to determine: i) the effect of OMW treatments on the studied physicochemical soil properties (bulk density, soil porosity, soil pH, electrical conductivity and organic matter), ii) available primary (N, P, K) and secondary macronutrients (Ca, Mg and Na), ii) micronutrients (Cu Fe, Mn and Zn), and iv) available heavy metals (Cd and Pb). The results indicated that soil physicochemical parameters were slightly improved, mainly due to improvement in organic matter, macro- and micronutrients, usually proportionally to the olive mill wastewater dose. Cadmium and Pb were within the permissible limits. The increased OMW had different behaviour on the soil nutritional balances of different elements, leading to nutrient imbalances, although in some cases, they were improved. However, the plant growth was not affected, and it was improved under 10 L m−2 and 15 L m−2 doses. The results offer valuable data about the use of OMW as organic fertilizer for crops and their potential impact on soil properties.