Almond is characterized by its high nutritional value; although information reported so far mainly concerns edible kernel. Even though the nutritional and commercial relevance of the almond is restricted to almond meat; to date; increasing attention has been paid to other parts of this fruit (skin; shell; and hull); considered by-products that are scarcely characterized and exploited regarding their properties as valuable sources of bioactive compounds (mainly represented by phenolic acids and flavonoids). This lack of proper valorization procedures entails the continuation of the application of traditional procedures to almond residues that nowadays are mainly addressed to livestock feed and energy production. In this sense; data available on the physicochemical and phytochemical composition of almond meat and its related residues suggest promising applications; and allow one to envisage new uses as functional ingredients towards value-added foods and feeds; as well as a source of bioactive phytochemicals to be included in cosmetic formulations. This objective has prompted investigators working in the field to evaluate their functional properties and biological activity. This approach has provided interesting information concerning the capacity of polyphenolic extracts of almond by-products to prevent degenerative diseases linked to oxidative stress and inflammation in human tissues and cells; in the frame of diverse pathophysiological situations. Hence; this review deals with gathering data available in the scientific literature on the phytochemical composition and bioactivity of almond by-products as well as on their bioactivity so as to promote their functional application.