The table olive industry generates high amounts of wastewater annually during the alkaline treatment, fermentation, and washing steps of olives. High conductivity and salt content, as well as the high organic and biophenol contents of these waters, is a worldwide problem, especially in the Mediterranean region, which is the major table olive producing area. There is a wide variety of bioactives found in wastewater derived from table olive processing. The main compounds of table olive wastewater, such as those derived from phenolic, hydrocarbon, and sugar fractions, can be recovered and reused. In this review, the table olive manufacturing processes and the volumes and composition of wastewater generated from the different methods of table olive processing are discussed. In addition, biophenols of table olive water and their biological activities are also introduced. The high concentrations of valuable biophenols, such as tyrosol and hydroxytyrosol, show promising potential for valorizing table olive wastewater; however, more research is needed in this area.