Anaerobic digestion is a promising alternative to valorize agrifood wastes, which is gaining interest under an environmental sustainability overview. The present research aimed to compare anaerobic digestion with olive pomace oil extraction, by using life cycle assessment, as alternatives for the valorization of the olive mill solid waste generated in the centrifugation process with a two-outlet decanter from oil mills. In the case of olive pomace oil extraction, two cases were defined depending on the type of fuel used for drying the wet pomace before the extraction: natural gas or a fraction of the generated extracted pomace. The anaerobic digestion alternative consisted of the production of biogas from the olive mill solid waste, heat and electricity cogeneration by the combustion of the generated biogas, and composting of the anaerobic digestate. The life cycle assessment showed that anaerobic digestion was the best alternative, with a global environmental impact reduction of 88.1 and 85.9% respect to crude olive pomace oil extraction using natural gas and extracted pomace, respectively, as fuel.