Artichoke wastes after processing represent 60–70% of the raw material and are a potential source of inulin and polyphenols, bioactive compounds that can be valorized as food ingredients or nutraceutical products. The aim of this work was to assess and optimize the extraction of these compounds from artichoke wastes using water or water–ethanol mixtures as extracting agents. For simultaneous inulin and polyphenol extraction and to achieve high antioxidant activity in extracts, the best process conditions using water as an extracting agent were T = 89 °C and t = 139 min, where 80% of the inulin content, 60% of the total phenolic content (TPC) and 56% of the antioxidant activity (Aox) were obtained. For water–ethanol extractions, the best results were obtained with EtOH = 22.4%, T = 81 °C and t = 217 min, leading to extraction yields of 90% of TPC, 38% of Aox and 58% of inulin content. From these results, we recommend the use of water for the recovery of inulin and polyphenols from artichoke wastes. Although the extraction yield of polyphenols is lower in water treatments, the amount extracted is considerable and it is a greener option when compared with water–ethanol mixtures.