Palm oil tree (Elaeis guineensis) is an important oil crop commonly grown for its edible oil and other valued products. The exponential population growth has placed a higher demand on palm oil consumption, which has resulted in the release of increased palm oil mill effluent (POME) into the environment. While researchers have focused on the economic importance of the tree, the increased generation of POME is contributing to environmental degradation, loss of biodiversity and global release of greenhouse gases. This chapter presents the environmental impact resulting from the release of POME and sustainable management practices (vermicomposting, cultivation of micro-algal, bioremediation, phytoremediation) that are utilized to mitigate these impact as well as recover resources that are useful to man from POME.