The cultivation of the date palm (Phoenix dactylifera L.) is the main activity and source of livelihood for people from arid and semiarid regions of the world. Date production is increasing every year. In addition, pitted date exportation is rising and great amounts of date seeds are produced. This biomass represents a problem for manufacturing companies. At the moment, date seeds are normally discarded or used as animal feed ingredients. However, this co-product can be used for many other applications due to its valuable chemical composition. Oil is one of the most interesting components of the date seed. In fact, date seeds contain 5–13% oil. Date seed oil contains saturated and unsaturated fatty acids with lauric and oleic as the main ones, respectively. Tocopherols, tocotrienols, phytosterols, and phenolic compounds are also present in significant amounts. These phytochemicals confer added value to date seed oil, which could be used for many applications, such as food product formulations, cosmetics, and pharmaceuticals. This review provides up-to-date data on the different extraction techniques and the chemical composition of date seed oils. The applications of date seed oil have also been reviewed.