Large scale palm oil production will inevitably generate a vast amount of liquid waste, particularly palm oil mill effluent (POME), that has adverse environmental impacts. While most studies concentrate on the organic removal from POME, the recovery of valuable resources from the effluent is infrequently described. The rising awareness of sustainability has motivated palm oil millers and academics to enhance waste management while also placing cognizance need for the resource’s recovery. POME possesses a substantial amount of oil and grease (O&G), which can be valorised into value-added products such as biofuels or phytonutrients via oil recovery. Recovering oil loss through POME not only prevents income loss but also improves downstream treatment effectiveness. In this article, the perspective of oil recovery from POME, focusing on technologies like physical separation, chemical extraction, and ultrasonic irradiation as a pre-treatment will be discussed, along with their effectiveness and limitations. Additionally, future opportunities as well as the economic viewpoint will be looked upon to provide a comprehensive outlook. Overall, this article will provide the readers with an understanding of the significance of recovering oil from POME and its potential as a sustainable resource, contributing to effective waste management and supporting a circular economy.