The massive utilization of fossil resources to produce synthetic chemicals/products is resulting in several environmental issues. A circular sustainable bioeconomy model can ameliorate such environmental problems through the valorization of renewable resources such as agricultural waste biomass. Waste biomass from agricultural sources presents a promising potential to manufacture sustainable chemicals and fuels. Contemporary agro-industrial processes generate a huge quantity of diverse by-products, which are gathered sometimes at landfill sites or open farming fields that result in environmental distress including air, soil, and water pollution. Organic content present in the waste residues is the profuse source of bioactive greener phenolics compounds that can exhibit anti-inflammatory, antioxidant, cardio-protective, anticancer potential and several other important applications. The production of useful phenolics can be realized through recycling into growing economy as fresh resources. In this perspective, by-products and wastes generated from agricultural and food sectors can be considered as promising resources for circular bioeconomy. The review covers consolidated aspects pertaining to reclamation of phenolics from agricultural residues and it emphasizes sustainable and benign extraction technologies.