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In the present study, we isolated seven compounds from olive mill wastes (OMW), one of them being novel, and investigated their antidiabetic potential through inhibition of α-glucosidase and α-amylase enzymes. To assist the possible characterization of the mechanisms involved, we analyzed the inhibitory kinetics of the active compounds. Oleanolic acid 1, maslinic acid 2, 1-acetoxypinoresinol 3, and luteolin-7-O-β-d-glucoside 6 exhibited stronger inhibitory activity against both enzymes, with IC50 values less than or close to that of acarbose. Other compound