While olive oil is an important food product in the Mediterranean Sea Basin, olive oil mill wastewater (OOMW) and olive pomace, which are by-products of olive oil, are released in excessive quantities. OMWW is an important source of environmental pollutants due to its slightly acidic pH, high phenol content and high chemical oxygen demand (COD). To overcome this problem, it was aimed to investigate the potential use of OOMW as an alternative substrate for protein rich biomass and bacterial cellulose production by filamentous fungi and acetic acid bacterium, respectively, in this study. Additionally, extracts of OOMW against selected microorganisms were examined to determine their use for industrial applications. The finding results indicated that OOMW needs nitrogen supplementation for microbial production processes. On the other hand, extracts of OOMW showed significant antibacterial activities with high phenolic contents. Overall, OOMW can be integrated into biorefinery with both microbial production and extraction processes and the resulting products will contribute to the food and cosmetic industries.