Olive oil industry is one of the most important industries in the world. Currently, the land devoted to olive-tree cultivation around the world is ca. 11 × 106 ha, which produces more than 20 × 106 t olives per year. Most of these olives are destined to the production of olive oils. The main by-products of the olive oil industry are olive-pruning debris, olive stones and different pomaces. In cultures with traditional and intensive typologies, one single ha of olive grove annually generates more than 5 t of these by-products. The disposal of these by-products in the field can led to environmental problems. Notwithstanding, these by-products (biomasses) have a huge potential as source of energy. The objective of this paper is to comprehensively review the latest advances focused on energy production from olive-pruning debris, olive stones and pomaces, including processes such as combustion, gasification and pyrolysis, and the production of biofuels such as bioethanol and biodiesel. Future research efforts required for biofuel production are also discussed. The future of the olive oil industry must move towards a greater interrelation between olive oil production, conservation of the environment and energy generation.