The recovery of phenolic compounds from olive leaves (Olea europaea L.) has received special attention due to their significant potential for applications in food, nutraceuticals, cosmetics, and pharmaceuticals. In this work, the extraction of the phenolic compounds from olive leaves was examined by means of conventional extraction and microwave-assisted extraction (MAE) using nontoxic common solvents such as ethanol and water as well as using promising environmentally friendly, Deep Eutectic Solvents (DESs) and their mixtures with ethanol or water. The effects of the various parameters that likely govern the extractability of the bioactive compounds of olive leaves (OL), such as the solvent type, temperature, and biomass to solvent mass ratio, were studied and evaluated with regard to the oleuropein and hydroxytyrosol content, antioxidant activity, and total phenolic content of the extracts. The study also explores the effects of the microwave-assisted extraction parameters, namely irradiation power and time, on the total phenolic content and antioxidant activity of the extracts. The findings of this work suggest that among the solvents studied, the solvent mixture consisting of the DES choline chloride:acetic acid with a molar ratio of 1:2 and ethanol (80:20 w/w) is highly effective in recovering extracts rich in phenolic compounds and with significant antioxidant activity. Moreover, it is demonstrated that the MAE method allows for the recovery of bioactive compounds in a very short processing time.